Jack Ma highlighted that the world is spinning towards an inclusive financial system that is more focused on marginalized people.
Jack Ma, co-founder and former executive chairman of Alibaba Group Holding Ltd (NYSE: BABA), had a chance to speak during the 2nd Bund Finance Summit organized by the China Financial Forty Forum in conjunction with various organizing committee member institutions. During his speech, Jack Ma touched the issues of digital currencies.
Jack Ma on Digital Currencies at Bund Summit
Apparently, according to the philanthropist and dollar billionaire, digital currencies possess the capacity to redefine the global financial system in the near future. “Digital currency could create value and we should think about how to establish a new type of financial system through digital currency,” Jack Ma indicated.
His comments were seconded by Binance CEO Changpeng Zhao who most applauded him for openly discussing Chinese crypto regulations.
Amazing speech by Jack Ma. Not easy to be so openly commenting on regulations in China. Talked a lot about cryptocurrency and the future. It’s in Chinese, not sure of there is an English transcription available. https://t.co/NX5jTpi3NU
— CZ 🔶 BNB (@cz_binance) October 25, 2020
This comes as digital currencies take a new phase of global adoption with global central banks rushing to develop the best form of CBDC.
China is already miles ahead of other countries in developing and implementing its digital currency. Whereby it recently completed a week-long test on the digital yuan with the public.
Notably, cryptocurrencies in China are banned although the highest number of Bitcoin miners come from mainland China.
In his speech, Ma highlighted that the world is spinning towards an inclusive financial system that is more focused on marginalized people. Precisely, a system that will shift gears from helping only 20% of the global population to helping 80% of the world struggling population.
“Today’s global financial system must be reformed, otherwise it will not only lose opportunities but will plunge the world into chaos,” Ma commented.
He gave digital currencies as the solution to the impending storm that the world is facing now and in the future. He urged developers to primarily focus on solving problems with the global economy using digital currencies.
On the Flipside
This comes as digital currencies total market capitalization has risen during the pandemic and most assets’ value astronomically risen. The total market capitalization of all digital assets at the time of reporting was at approximately $396.17 billion. Notably, Bitcoin was leading the pack with approximately $242 billion, around 61.14% market dominance.
With PayPal Holdings Inc (NASDAQ: PYPL) grand entry into the crypto industry last week, digital assets are likely to be used more as digital currencies in the near future.
However, the literal translation of digital currencies in China is yet to be interpreted legally. Digital currencies promise a future of fast transaction speed, low cost of transactions, and a dependable system by the global financial system.
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