Alibaba’s Jack Ma praises the disruptive nature of digital currencies
The current conservative international financial system doesn't suit young people or young economies, says Ma. Jack Ma, the now-retired founder of Alibaba Group, recently spoke to a crowd of bankers and regulators at the Bund Summit in Shanghai about the role digital currencies will likely play in the future global financial system:“Digital currency could create value and we should think about how to establish a new type of financial system through digital currency.”He opined that the current financial system governed by Basel Accords is too conservative and does not fit China’s growing....
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‘TechFin’ is a term coined by Jack Ma, the billionaire Chairman of Alibaba Group Holdings. TechFin came about as Ma envisions “everyone should have a bank account”. This vision is similar to that of the bitcoin community — that is, to bank the unbanked. As Ma brings forth his vision, what could be in store for bitcoin? According to the South China....
Digital currencies, those issued by central banks in particular, have been commended for their “disruptive nature.” The praise comes from a publication associated with one of Brazil’s far-left parties. A recently published article claims that CBDCs such as China’s digital yuan can radically change global finances and government policies. Digital Yuan to Do Away With America’s ‘Exorbitant Privilege’ Vermelho, a news portal linked to the Communist Party of Brazil, points out that the People’s Republic is the world’s first major economy....
This week, the Commonwealth Virtual Currencies Working Group made up of Australia, Barbados, Kenya, Nigeria, Singapore and Tonga, together with the International Monetary Fund and World Bank, concluded a three-day conference in London with a consensus: "Member states should consider the applicability of their existing legal frameworks to virtual currencies and where appropriate they should consider adapting them or enacting new legislation to regulate virtual currencies." The group has come up with the consensus because it recognizes the benefits and the disruptive nature of bitcoin and....