Jack Ma is convinced that a new financial system should be built around cryptocurrency

Monday 26 October 2020, 2:38 AM AEST - 1 month ago

Jack MaJack Ma is convinced that a new financial system should be built around cryptocurrency 19

  • Jack Ma believes digital currency has a role to play in new financial system
  • Believes that digital currency could change the way money operates

Owner of one of the biggest technology companies in Asia, Jack Ma has made it known that digital currency has a role to play in a new and developing financial system in a speech delivered in an economic summit in Shanghai.

Jack Ma has the belief that virtual currencies would change the way money operates in the world. He is of the opinion that the same way Apple was able to change the way we understood the operations of mobile phones, digital currencies could have almost the same effect.

In his words, digital currency could have a similar effect on the financial economy the same way Apple has been able to change the operations of mobile phones.

He went on to say that he is sure that cryptocurrency would gain more acceptance and adoption in developing countries.

He advised financial institutions and countries to start building a working financial system around digital currencies. These currencies he believes would play a massive role in future world trade and other financial transactions.

Jack Mas Alibaba exploit in blockchain

A recent report released by KISSPatent showed that Alibaba currently holds the most blockchain-related patents even ahead of other bluechip companies like IBM, MasterCard, Bank of America and others.

It was discovered that most of Alibabas patents were issued in China and the United States.

Jack Mas Alibaba forced ABBC coin, hitherto known as Alibaba coin, to drop its trademark.

However, Ma previously, in 2018 exactly, had held the belief that Bitcoin was a bubble that could bust soon. He believes that blockchain is not the bubble, but bitcoin is.

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