Jack Ma, CEO of Alibaba, recently spoke at the Bund Summit in Shanghai about the possibilities of digital currencies in the global financial system.
Jack Ma believes that the crypto industry is disruptive
He sees the possibility that this could contribute to the overhaul of the financial system. In his eyes, global financial regulations are an obstacle to innovation. In this context, he urged China to adapt the system to the growing Chinese economy.
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Meanwhile, he drew attention to the future role of digital currencies. In his estimation, the Chinese CBDC could be of vital importance in building a new financial system in the next 30 years:
The digital currency could add value and we should think about how we can create a new kind of financial system through the digital currency
The financial system founded by the Basel Convention is also too conservative for him. He believes that China cannot cope with the growing economy adequately through this system:
After the Asian financial crisis, risk control highlighted in the Basel Conventions has focused only on risk control, not development, and rarely takes into account opportunities for young people and developing countries.
The Basel Convention brought with it international regulation for banks that was intended to reduce risk in the global economy. As a reaction to the global financial crisis, Basel III – provision of the Basel Convention of the Bank for International Settlements for the Regulation of Banks – was adopted in 2008. As a result, the rules became quite strict. The financial crisis led, among other things, that Satoshi Nakamoto decided to start Bitcoin.