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Digital Currency Could Redefine Money - Jack Ma

Jack Ma believes that digital currency will likely redefine money and shape the future of the global financial system.

Ola Olaoluwa
Ola Olaoluwa

As the co-chair of the United Nations Digital Corporation High-level Group, Alibaba founder, Jack Ma delivered a speech yesterday at the "Second Bund Financial Summit", which was organized by the China Financial Forty Forum (CF40) and the member institutions of the organizing committees.

Speaking about digital currency, he said "Take digital currency as an example. If the financial system that the world needs 30 years later is built with a future vision, the digital currency may be a very important core."
Image Source: BusinessDay.ng

He stated further that "the digital currency system is not only a technical problem but also a solution to future problems. Digital currency may redefine currency. Although the main function of currency is still there, it will redefine currency, just like Apple redefines mobile phones, not just being a phone."

According to Jack Ma, the only criteria for evaluating a financial system of the future are inclusive, green, and sustainable innovations, behind which cutting-edge technologies such as big data, cloud computing, and blockchain play a decisive role.

However, some may argue that despite the global potential for financial innovation being exciting, but China is in fact are facing tightening regulations, as just the day before the Summit, China's central bank PBoC sought to prohibit non-official digital currencies.

China In Focus:

Population: 1.4 billion (Compared to South Africa's 59.6 million)

GDP: $14.3 trillion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $10,410 (Compared to South Africa's $6,193)

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Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur