The War Over Blockchain Supremacy
One of the hottest topics of the moment concerns the battle for world supremacy when it comes to blockchain technology. China has been aiming for that position for a while, and they have been quite vocal on the subject. Not only that, but their efforts actually seem to be paying off, because the US is planning serious counteractions, as seen from the bill the Congress is going to vote on.
China has openly recognised that the blockchain technology is an essential part of technological progress. Back in 2019, President Xi Jinping clearly declared that he intends that China would “take the leading position in the emerging field of blockchain.” Not only was that a defying and strong statement, but it was also a call to action for investors, promising new and useful regulations.
The strategy proved to be very efficient, as we saw an immediate rise in the investment trend in China. And then came the announcement that the plan is to make the People’s Bank of China (PBoC) the source of the first cryptocurrency introduced by a central bank. It was at that point that Mark Zuckerberg made the public warning that unless the US insist on innovations in this field of technology, they may not have the financial leadership anymore.
The American COMPETE Act
As a formal response, the US presented on September 1st, 2020, the “American Competitiveness Of A More Productive Emerging Tech Economy Act.” The goal of the American COMPETE Act is to infuse new power in the fight with China over blockchain technology supremacy. The actual measures that will be taken are connected to studies that concern not only blockchain and cryptocurrency trading, but also artificial intelligence, quantum computing, and other essential technologies.
Congressman Bobby Rush, one of the sponsors of the Compete Act, declared: ‘Emerging technologies, such as quantum computing and blockchain technology, have expanded the horizons of humankind, drastically changing the way we exchange information and interact with the world around us.’
The insistence behind pushing this bill in front of Congress shows that the US is planning to take serious measures to get ahead of the competition and are preparing serious investment in the development of emerging technological trends, including blockchain technology.
The Tech Cold War
The US is planning a national strategy to speed up the progress of blockchain technology and dominate the market. The aggressive and decisive approach is sustained, among others, by Congresswoman Cathy McMorris Rodgers. She underlined in her declarations how crucial it is for the US to ‘beat’ China: “As we have seen in past global crises and in recent months, the Chinese Communist Party will do whatever it takes to get ahead by stealing, cheating, and subsidising their State-Owned Enterprises. We cannot out subsidise China or beat them at their own game, nor should we.”
The inflamed declarations are only one side of the tech cold war, and we are bound to see many interesting developments shortly. Competition is essential to the development of technology, and while the battle is now between the two giants, the US and China, the technological developments will bring benefits worldwide.