Digital Cold War Era? China and the United States compete for the leading position in the blockchain field

Two countries, two visions of the financial future. “The tech cold war is here, and the U.S. isn’t winning,” Ripple co-founder Chris Larsen wrote recently in an opinion piece for The Hill. He believes that China "has a once-in-a-century opportunity to take away the United States' management of the global financial system, including its ultimate goal of replacing the U.S. dollar with a digital yuan." lost in order.

Others have voiced similar concerns. "Now we are facing a new industry race. It is a race in cyberspace to develop and control the systems and governance that will power the digital economy," wrote Perianne Boring, president of the Chamber of Digital Commerce. While the race includes other advanced technologies such as artificial intelligence, big data and the Internet of Things, blockchain is key, as China's state leaders have pointed out. Alex Tapscott, one of the authors of the book "Blockchain Revolution," revealed:

The Busan City Council of South Korea passed the relevant regulations on the establishment of the "Busan Digital Asset Trading Platform": On October 8, the 4th plenary meeting of the 309th Busan City Council of South Korea passed the relevant regulations on the establishment of the Busan Digital Asset Trading Platform. The regulations require the establishment of a promotion committee for the construction of the Busan digital asset trading platform, and review and make recommendations on the business direction, such as the establishment time, location, scale, and operation of the Busan digital asset trading platform. (Gukjenews) [2022/10/8 12:49:33]

“China is on the verge of launching its own digital currency, and the U.S. has lagged behind, at least on this one. For these Central Bank Digital Currencies (CBDCs), the two visions are not far apart. The U.S. wants to protect the dollar’s status as the global reserve currency , while China wants to export its economic model globally and tighten control at home."

News | Gravity will launch a self-sovereign digital identity platform for refugees: According to btcmanager, the Nairobi blockchain startup Gravity has launched a platform for African refugees to prove their self-sovereign digital identity, thereby helping refugees access financial services. The company has reportedly started deploying its platform in a refugee camp in Kakuma, Kenya, with around 80,000 users. Testing will be held at the camp's three schools, allowing Gravity to track daily attendance and students' academic performance. The company will also develop close relationships with NGOs so that it can track other data and indicators that could have a positive impact on the living conditions of refugees in the camps. [2018/12/2]

Excessive words?

Philippine President’s brother applies for digital currency trading platform license: According to foreign media reports, Philippine President Duterte’s younger brother Manuel Duterte has recently submitted an application to the Philippine Securities and Exchange Commission to operate a digital currency trading platform. The SEC has only issued licenses to two platforms, ebittance and Betur. [2018/4/16]

Is all this just hype - panic-mongering in order to gain some local advantage? Those raising the alarm about CBDCs may be ignoring some recent trends, such as deglobalization. According to an August 14 report by Barclays: "The impact of COVID-19-related measures is likely to accelerate well-established trends, such as deglobalization," the level of economic interdependence and integration between countries. decline. This in turn could mean that the question of who dominates the reserve currency of the planet will become increasingly moot.

Lone Fonss Schroder, CEO of blockchain solution Concordium, pointed out that the threat of a new global CBDC — or digital yuan — to Western values is overblown. "I don't think that's a problem." Schroeder said that since the new crown crisis, there has been a tendency for businesses and consumers to look for "deliverables" closer to home. Rather than a new dominant world currency, the more likely solution is the rise and expansion of local currencies in a more decentralized world.

As a non-executive member of the board of Swedish home furnishing retailer IKEA, Schroder recently participated in a board discussion around the issue. Is the current global economy under the new crown pandemic the new normal, or is it just a pause in globalization? She shared with the media:

"It's a big trend - producing and buying things close to home - especially among the younger generations. Not only do they want to support local businesses in an economic crisis, but they don't want to waste energy globally. They don't want to sit in Sweden and eat a piece of Fruit grown on the other side of the world."

According to the Barclays report, the pandemic has revealed new globalization risks, "particularly related to China's critical role in 'timely' global supply chains that depend on the timely delivery of intermediate goods for production.” Multinationals may rethink how to build resilience in their supply chains; that is, “reducing trade with China, diversifying production centers, and attempting to relocate some production to domestic suppliers”.

On top of the current U.S.-China rivalry, the world has never been more orderly or more peaceful, Schroder continued, who also serves as non-executive chairman of the board at Volvo, which is A Swedish automaker that has been owned by China's Zhejiang Geely Holding Group since 2010.

As someone who has lived in both worlds, East and West, "I believe in partnership," says Schroder. Volvo, for example, builds a factory in China on the same principles as it operates in Sweden. People can learn from each other, she argues, adding that "the American binary" — us versus them — "is not what we need right now."

(to be continued)

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