- 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 Ma’s 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 Alibaba’s patents were issued in China and the United States.
Jack Ma’s 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.
Crypto assets adoption on the rise
Crypto assets adoption have been on the rise recently as more countries and companies are assiduously working towards adopting cryptocurrency.
China, Russia and other countries have been working on integrating a digital currency into their economy. They have all reiterated that this new digital currency will not replace physical cash.