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Jack Ma, the chairman of Alibaba and Ant Financial, a Chinese financial conglomerate, said that he pays special attention to Bitcoin and Blockchain technology. He stressed that Blockchain technology is a powerful innovation that can allow building a fully cashless society.

“I pay special attention to cashless society and blockchain technology. Mine and Alibaba’s job is we will move the world into a cashless society. The society can make everybody equal, inclusive to get the money they need, make sure it is sustainable and is transparent. I hate corruption. I don’t have opportunity is ok. But I don’t want somebody through a dirty way take away my opportunity. This is why we want a cashless society,” said Jack Ma.

At the moment, payment applications such as Alipay are very common in China. With the help of NFC-enabled smartphones and Point of Sale (PoS) terminals, Alipay users in China can instantly complete transactions. Only a very small part of the population uses cash or credit cards to buy products, get salaries, and pay utility bills.

Earlier, Ray Chen, the vice-president of Ant Financial, said that the company is ready to move from traditional means of payments to more efficient and complex financial networks.

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