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China is years ahead of the US in blockchain payments systems

The CEO of Pantera Capital Dan Morehead, has told Yahoo Finance that United States has fallen significantly behind China in efforts to develop a blockchain-based payment system.

“China’s six years ahead of the United States in building a blockchain-based payment system,” said Morehead in an interview.

This perceived dominance may spur the US towards action soon, according to Morehead, whose firm is a hedge fund specialising in cryptocurrencies.

“The former CFTC Chairman Chris Giancarlo wrote a great op-ed in the Journal in 2019, calling it America’s ‘Sputnik’ moment, when China announced their blockchain,” Morehead said. “And there is going be a competition amongst nations to have the payment rail of the future.”

Yahoo Finance cites China as accounting for 46% of the total bitcoin mining power in the world as of April 2021, according to research from the Cambridge Centre for Alternative Finance (CCAF).

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