US losing tech cold war with China: Ripple boss

Ripple‘s co-founder believes the US is losing the tech war with China.

Speaking at the LA Blockchain Summit on October 6, Chris Larsen criticized the United States for not playing a strong enough role in the development of the “next generation of the global financial system.”

The crypto firm’s executive chairman said during an interview at the online event, “We are in a tech cold war with China, and that goes across the spectrum, whether it’s communications, surveillance, data, AI, but also blockchain and digital assets, and the reason is that China has recognized that those technologies are keys to who is going to control the next-gen financial system.”

He added, “SWIFT and correspondent banking is not going to be the system we are going to be living with over the next two decades.”

Larsen said the US has fallen “woefully behind,” pointing out that Beijing is way ahead of Washington in terms of legislative clarity, resource allocation, infrastructure development, and tech innovation.