The founder of e-commerce giant Alibaba, Jack Ma, states that cryptocurrencies are the future of finance. In his speech, he said that digital currencies are here to stay. And global regulation of digital coins is bad for the world’s economic stability. According to the Chinese Billionaire, regulators are stiffing the role of financial innovation, which is not good. During the Bund Financial Summit in Shanghai, Jack said that financial regulators in China and worldwide should embrace cryptocurrencies. Furthermore, he cited the approach deployed by traditional finance systems to pull down cryptocurrencies around the world.
“China needs to adopt new technology to drive innovation.”
Alibaba founder Jack Ma believes that the world needs to adopt a modern technology that can drive financial innovations. The Chinese billionaire also believes that the country needs to adopt new technology to drive innovation. Chief among these tech innovations is the cryptocurrency and blockchain systems. As compared to other countries, China has made a lot of progress in the blockchain and crypto space. Late last year, Chinese President Xi Jinping had urged the country to take the lead in blockchain space and seize the opportunity.
“Cryptocurrencies would create financial freedom for people.”
Jack Ma said that cryptocurrencies and stable coins would create good value and financial freedom for people. Therefore people should adopt the new financial innovation with open arms, he added. The Chinese billionaire aimed his comments at the global financial sector and expressed his displeasure toward crypto’s current regulations. A lot of cryptocurrencies have done well all around the world, but unfortunately, there is apathy towards digital currencies in many parts of the world, he noted. China has adopted blockchain technology, but it has been critical of cryptocurrencies. Despite this, China has created its own central bank digital currency, which has brought about a lot of criticism.