Alibaba Founder Jack Ma: Digital Currencies are the Future of Financial System

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Alibaba Founder Jack Ma: Digital Currencies are the Future of Financial System

Alibaba Group founder Jack Ma talked about digital currencies, potentially playing an important role in building the financial system of the future. Ma at the Bund Summit in Shanghai said,

“Digital currency could create value, and we should think about how to establish a new type of financial system through digital currency.”

He said the future vision of a financial system in the next 30 years might have digital currencies at its “very important core.”

“Digital currency may redefine currency.”

Ma criticized global financial regulation during the event. According to him, they stifle innovation and, as such, urged for a system that focuses on development.

“After the Asian financial crisis, the risk control highlighted in the Basel Accords has been” regulators’ priority, he said adding that now the world “only focuses on risk control, not on development, and rarely do they consider opportunities for young people and developing countries.”

Comparing the Basel Accords to a club for the elderly, Ma said they are used to solving financial systems operating for decades. But China is still a “youth” and needs more innovation, he said. Read more...