US lawmakers have approved two bills: one on competition and one on digital taxonomy, raising the stakes in an active race against China for blockchain innovation and technological development.
Lawmakers insist on the development of the blockchain
Two proposed bills will go to the U.S. House of representatives for a vote. The webinar moderated by the chamber of digital Commerce, discussed the United States competitiveness act in a more productive emerging technology economy.
The legislation called for research and development to further implement blockchain technology in the United States. It is addressed to the Department of Commerce and the Federal trade Commission (FTC) at a crucial time, as tensions between China and the US continue to escalate due to the new technological cold war.
In addition to passing the American competition act, the energy and Commerce Committee also approved the digital taxonomy act. If the bill passes, the Commerce Department and the Federal trade Commission will be given the green light to research and report on the state of blockchain technology in the country. In addition, it would allow the Federal trade Commission to propose regulatory measures for digital token transactions, as well as monitor illegal cryptocurrency activity.
Will China be the first to deploy a functioning CBDC?
Us lawmakers have long advocated a national Blockchain development strategy with the Federal government, using the Chinese network of blockchain services as a reference to support the argument that the country needs innovative technological implementations.
China currently leads the Blockchain sector in terms of research, structure, and regulation. The national blockchain strategy has already been implemented by the economic giant with the state blockchain service network (BSN).
Pilot projects for virtual currencies are also in development, as the middle Kingdom is reportedly in the final stages of implementing its digital currency electronic payments (DCEP), saying they will be ready in the coming months.