Crypto race of the great powers: China sprints ahead, USA panting behind

The global race for crypto technologies will continue in 2021. While China is picking up the pace these days and is relying on a partnership with the payment processor SWIFT, the US legislators are panting afterwards. It is true that there are numerous, albeit tentative, signs of opening up in the land of unlimited possibilities. However, pioneering initiatives in the style of China are still a long way off. With Beijing’s most recent advances, the People’s Republic’s lead seems to be further cemented.

Chinese Volksbank and SWIFT join forces

At first glance, the international payment service provider SWIFT and the Chinese Volksbank PBoC initially appear to be extremely unsuitable partners: SWIFT is the biggest competitor of Chinese financial providers, and Beijing, on the other hand, actually wants to break away from the dependency of the western financial world. However, Chinese sources are now reportingof a common, meanwhile still vague cooperation. At the moment, one can only speculate about the scope and purpose of this joint venture. It is clear, however, that the Chinese government is becoming more and more pragmatic in restructuring its financial infrastructure. There is little to suggest that Beijing is cutting itself into its own flesh with the advance. Accordingly, there is much to suggest that the initiative serves the e-yuan, China’s own central bank currency.

Miami Mayor Wants to Pay Officials in Bitcoin

Meanwhile, on the other side of the Pacific, further advances in crypto adaptation can be found, albeit initially only highlight. The mayor of the metropolis of Miami, for example, wants to take an example from the state of Wyoming and enable city officials to get their pay in Bitcoin Code review. Fees and taxes should also be able to be paid in the form of crypto currencies in the future. In addition, Francis Suarez plans to invest part of the city treasury in the crypto sector. The mayor revealed these ambitious plans to the US magazine Forbes. For him, it is clear that Bitcoin is the „greatest story in the next few years“.

Republican Senator Wants to Establish Financial Innovation Committee

US Senator Cynthia Lummis wants to change the fact that things are still looking rather meager in the rest of the USA with a view to the crypto adaptation. In order to network with her colleagues, the representative of the blockchain pioneer Wyoming now wants to set up a ‚Financial Innovation Caucus‘ – a kind of parliamentary committee. This should ensure exchange and convey the potential of crypto technology. She announced corresponding plans in a podcast last week . The main aim is to counter the negative image that cryptocurrencies continue to hold in the US.

Library of Congress confirms global tax authorities have some catching up to do

While cryptocurrencies are still gaining a foothold, public administrations and legislators are lagging behind, even outside the US. This is shown by the latest report from the Library of Congress, the research library of the US Parliament. This attests to the need to catch up in taxation. Not only are there clear differences between the regulatory approaches of the various tax authorities. In addition, at the moment only 16 countries worldwide have passed guidelines for mining revenues, and only five countries for revenues from crypto staking.