Founder of Alibaba and China’s richest man Jack Ma believes that digital currency could redefine value. The billionaire founder added that digital currencies could help create a new global financial system while targetting on global regulations.
Jack Ma: Digital Currency Is a Solution to Future Problems
On October 24, 2020, Jack Ma delivered a speech at the Second Bund Financial Summit, organized by the China Financial Forty Forum (CF40) and the member institutions of the organizing committees, as the co-chair of the United Nations Digital Cooperation High-level Group, as reported by Bloomberg.
Jack Ma views on digital currency:
“Take digital currency as an example. If the financial system that the world needs 30 years later is built with a future vision, the digital currency may be a very important core.”
He further added:
“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 the global world is now looking towards creating a new financial system, one that is inclusive, sustainable, and green. The billionaire entrepreneur further added that new innovative technologies such as blockchain, big data, and cloud computing can help towards achieving the dream.
Cryptocurrencies Still a Favorite in China
Jack Ma is the founder of Alibaba, the largest eCommerce platform in China. The entrepreneur has a knack for financial payments and has built Alipay, one of the largest payment platforms in China. It is speculated that Jack Ma was referring to digital yuan in his speech when talking about the Central Bank Digital Currency (CBDC).
The trading of Bitcoins and altcoins still persists in China despite a ban on cryptocurrencies. Chinese miners also form the majority globally in mining the largest cryptocurrency by market capitalization.