Jack Ma – Chinese billionaire and co-founder of Alibaba Group at a recent event described digital currencies as an important player in the new global financial system.
Speaking at the Bund Financial Summit, Jack Ma who owns China’s biggest e-commerce company said “digital currency could create value and redefine money.” He is quoted:
“Digital currencies may play an important role in building the type of a financial system that will be needed in the next 30 years. Digital currency could create value and we should think about how to establish a new type of financial system through digital currency.”
“…the digital currency system is not only a technical problem but also a solution to future problems. Digital currency may redefine currency. Although the main function of currency is still there, it will redefine currency, just like Apple redefines mobile phones, not just being a phone.”
Jack Ma believes that the world needs a new financial system of the future and key characteristics of this system are inclusive, green, and sustainable; behind which cutting-edge technologies such as big data, cloud computing, and blockchain will play a decisive role.
Although he made no reference to any specific digital currency, the crypto community has seen a wide range of interpretations from Bitcoin to China’s Central Bank Digital Yuan (CBDC).
Also discussed by Jack Ma were global regulations like the Basel Accords (an international banking supervision framework launched in 2010) which he now describes as outdated “like an old people’s club.”
He called for more innovative regulations saying the current worldwide regulations were stifling China’s development, and those of younger or developing countries in the financial industry.