Following the cryptocurrency crackdown in China, the crypto community has been anxiously waiting to see if any other superpowers will follow suit. However, a tech venture capitalist, Katie Haun, has urged the United States not to make the same mistake as China by implementing similar damaging legislation. Haun, instead has advised that the Chinese crackdown represents an opportunity for the US and believes an American cryptoasset industry could be another valuable addition to the US technology landscape.
The longtime federal prosecutor, Haun, announced that the U.S should perform the opposite measures of Chinas’ ban on trading and mining Bitcoin (BTC) and other cryptocurrencies. In an interview with CNBC, Haun stated that China is quickly developing its digital Yuan, which has already performed tests during a trail run across the nation. The progress of Chinas’ Central Bank Digital Currency (CBDC) represents the potential for the country to bind commerce and tie loans to the digitalised Yuan. Haun further compares the CBDC to cryptocurrency stablecoins, a cryptoasset coin pegged to the value of its fiat equivalent.
According to reports, Chinese citizens are fully aware that nothing can hold authority over certain cryptocurrencies. With that in mind, many regulatory bodies wish to impose guidelines to maintain control. However, the decentralised nature of Bitcoin and other cryptocurrencies eliminates any third parties control to provide unchallenged control and trustworthiness.
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