Digital currencies are the future, according to the founder of “Ali Baba”
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Answer Digital currencies are the future, according to the founder of “Ali Baba”
The rise of the bitcoin currency above the $13,000 level has made many famous names in the financial world have their say and say their opinion about bitcoin and cryptocurrencies and their future potential.
Chinese billionaire Jack Ma said on Saturday that digital currencies could play a role in the new global financial system and attacked global regulations.
The founder of China’s largest e-commerce company, Alibaba, made the comments about cryptocurrencies during a speech at the Bond Summit in Shanghai, he said. Source.
Jack Ma said:
Digital currency can create value and we must think about how to create a new type of financial system through digital currencies.
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But it’s not clear what Jack Ma – who has a fortune of $61 billion, according to Bloomberg estimates – means by “cryptocurrency”.
As expected, the cryptocurrency community was quick to speculate on what they were talking about in terms of digital currencies.
By 数字 货币 Does he mean “cryptocurrency” or watered-down forms of central digital currency though?
– Vitalik.eth (@VitalikButerin) October 25, 2020
CZ, CEO of Binance, wrote on Twitter that Jack Ma’s speech was great as he talked a lot about cryptocurrency and the future.
But Vitalik Buterin, co-founder of Ethereum, was quick to ask CZ what exactly he meant by “cryptocurrency.”
CZ replied that “the meaning is open to all interpretations.
Cryptocurrencies are banned in China, but bitcoin and other digital currencies are still traded in the region.
Chinese bitcoin miners also mine the bulk of new bitcoin globally.
It is possible that Jack Ma was talking about a central bank digital currency (CBDC), such as the Chinese digital yuan, as his speech coincided with countries around the world racing to develop a central digital currency.
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It is possible that China will win the race with its digital yuan, which is already in the testing phase.
During his speech, Jack Ma said that global regulations and legal systems, particularly the Basel Agreements (the framework for international banking supervision introduced in 2010), are outdated and have become like a club for seniors.
He added that regulations around the world were stifling development in China and not considering opportunities for young people or developing countries.
Ant Financial, a subsidiary of Alibaba, is set to launch an initial public offering (IPO) worth $30 billion, believed to be the largest in the world.
Read also:
Bitfinex CEO: Tether “USDT” is registered and regulated
MicroStrategy CEO: Bitcoin is a million times better than gold
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