Will the Adoption of Blockchain be affected by the rising tensions between USA and China?

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Chan Heng Chee, Singapore’s Ambassador to the United States, has been involved in lessening the impact of rising tensions between the USA and China.
  • She also pivoted on the point that the adoption of Blockchain technology will mainly be affected.

Swell by Ripple, the event organized by Ripple every year, and this year, the event attended by Singapore’s Ambassador to U.S. Ripple recently shared Chan heng chee’s though on US-China relations and the role of Blockchain in their recent blog post.

Chan Heng Chee, Singapore’s Ambassador to the United States, has been involved in lessening the impact of rising tensions between the USA and China, including her home country and the Association of Southeast Asian Nations (ASEAN). She also pivoted on the point that the adoption of Blockchain technology will mainly be affected. She has been playing the role of Ambassador for the past 16 years.

The Conflict Between the US and China

Misunderstood intentions and misperceptions can lead to dire situations that might affect the world around directly or indirectly. At this time, there are increased activities between the two countries to which Chan terms it as technology containment. She also shared the example of Huawei being terminated in the U.S. and effectively pressurizing its partnering nations to do the same. This move has tightened the concerns on many Chinese and Asian companies, potentially excluding them from U.S. partners and capital markets.

Blockchain Technology

China has adopted Blockchain technology to create its digital coin independent of any central reserves and with the primary intention of surpassing the U.S. dollar. Although China is working on the digital currency, which can be controlled rather than focusing on anonymity, which the Blockchain is mostly based on, the digital asset would be efficient in settling trades between countries and businesses. On the safe side, both the countries are working on to avoid any misunderstandings and any unnecessary actions.

Competitive Co-existence

The Ambassador told that she is hopeful that the relationship between China and the USA will only be a competitive Co-existence as both are looking to stand out as the most inherited giants without eliminating or compromising each other. As of now, the trade war is benefiting some countries such as Vietnam and Cambodia, although, in the long term, the same will affect negative directions.

The Ambassador believes regardless of whether individual nations agree on short-term decisions, they are all aligned in creating long-term success for the entire region. They would actively welcome a scenario of Competitive Coexistence.

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