Since its advent in the wake of the 2008 financial crisis, blockchain technology has taken the economic world by storm. Open-source blockchain transactions have increased the speed of, and trust in, cross-border financial transactions. Many in the United States see the technology as a new and improved medium to raise and exchange capital. In China, the technology, though much more tightly regulated, has likewise begun to proliferate and has even been identified as one of China’s seven “frontier technologies” in its 14th Five Year Plan (2021-2025). Blockchain has the potential to transform industries in both countries and globally. This pioneering system is at the forefront of U.S.-China technological competition, and both nations have the potential to use the technology to remake the global financial system.
In an interview conducted on February 9, 2023, Paul Triolo examines recent developments in China’s blockchain evolution, focusing on its role in the U.S.-China relationship.