Jack Ma Calls for Changing Financial System with Digital Currencies
Main page News, Alibaba

Jack Ma, founder of Alibaba Group, has said digital currencies will play a special role in the new global financial system, Bloomberg has reported. Specifically, Ma said:

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

Binance's CEO, Changpeng Zhao, said Ma's speech is "amazing" and added the founder of the world leader in e-commerce "talked a lot about cryptocurrency and the future."

It has recently been known the People's Bank of China might involve Alibaba in the distribution of its central bank digital currency. Some people believe Ma is actually referring to the digital yuan.

Ma has also pointed out global regulation has lost relevance and is "like an old people’s club." He believes global regulation is affecting China’s development and is not "not thinking about young people’s or developing countries’ opportunities."

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