The founder of e-commerce giant Alibaba, Jack Ma, now supports crypto currencies.
This is probably due to the recent breakthrough of Bitcoin and other crypto currencies.
We have seen how Chinese billionaire Jack Ma has talked about the use cases of block chain technology in the past.
Alibaba founder Jack Ma explains that crypto currencies are the future of finance. In his speech he said that digital currencies will have a future. And a global regulation of digital coins is bad for the economic stability of the world, he said. Regulators are limiting the role of financial innovation, which is not good, the Chinese billionaire said.
Jack Ma claims about the embrace of crypto currencies
At the weekend Jack Ma was at the financial summit of the German government in Shanghai. Jack says that financial regulators in China and around the world should adopt crypto-currencies. He also cited the approach of traditional financial systems to dismantle crypto currencies around the world.
His comments referred to the planned establishment of a global set of financial regulations known as the Basel Accord. According to Jack Ma, the Basel Accord proposes financial regulation that does not serve the future of the world economy and China. He also compared the Basel Accord to a club of older people who want to solve the modern financial system with outdated methods.
Given Jack Ma’s success as a businessman and his global influence, he believes that the world needs to adopt modern technology that can drive financial innovation. The Chinese businessman also believes that the country must introduce new technologies to drive innovation. These technological innovations include, above all, crypto-currency and block chain systems.
Crypto-currencies and Stablecoins
“Crypto currencies and stable coins would create good value and financial freedom for people. Therefore people should accept the new financial innovation with open arms”, said Jack Ma.
Jack Ma focused his comments on the global financial sector and expressed his displeasure with the current arrangements. Many crypto currencies have performed well around the world. But unfortunately there is apathy towards digital currencies in many parts of the world.
China is one of the most important countries that have banned crypto currencies and other digital coins. In 2019, however, the BTC/USD was given a legal status, but it can only serve as virtual property.
Today Bitcoin is the only major crypto currency that is partially legal in China. At the same time, however, the Chinese Arbitration Commission still prohibits the use of crypto currencies as legal tender. They cannot be used as money, rather they are seen by people as digital property.
China’s adoption of block chain technology
China has adopted block chain technology, but it has an aversion to crypto currencies. Nevertheless, China has created its own digital currency of the central bank, which has caused much criticism. Although it looks like Jack Ma will win the race for a fully functional crypto currency thanks to his influence and global support.
Jack Ma said that the acceptance of digital currencies could dramatically change the way people in China and around the world conduct financial transactions with each other. He also explained that digital currencies could give small and micro businesses access to loans they would not normally have access to.
