Jack Ma: “digital currencies are the future of the financial system

Jack Ma: "digital currencies are the future of the financial system

According to the founder of Alibaba, digital currencies will help create a new global financial system. Jack Ma also criticized global banking regulation.

Chinese billionaire Jack Ma has said that digital currencies can play an important role in the new global financial system. The founder of China’s largest technology company Alibaba expressed his position at the Bund Summit event in Shanghai.

“Digital currency can create value, and we need to think about how to create a new type of financial system with digital currencies,” Ma said.

However, it is not entirely clear what exactly Ma had in mind when talking about digital currencies. Binance CEO Changpeng Zhao tweeted that it was an “amazing speech” in which Ma “talked a lot about cryptocurrency and the future.” However, Ethereum co-founder Vitalik Buterin asked
Zhao asked what exactly Ma meant by “digital currencies”. To this, Zhao replied that ” the meaning can be interpreted in different ways.”

Perhaps Ma in his speech was talking about state-owned cryptocurrencies, such as the digital yuan, which is in the final stages of testing before the official launch. Recently Governor of the People’s Bank of China (PBOC) Yi Gang said that the development of a national digital currency will be one of the main drivers of China’s transition to a digital economy.

Ma also said during the speech that global rules, in particular the Basel Accords – international guidelines for banking regulation-are already outdated. He added that global regulation is holding back China’s development and “does not take into account the opportunities of young people or developing countries.”Recall that according to a study published in September
KISSPatent, Alibaba has almost surpassed US computer giant IBM and will become the largest holder of blockchain-related patents by the end of this year.