Jack Ma, the founder of Alibaba, is hoping for cryptocurrencies

Jack Ma, the founder of Alibaba, is hoping for cryptocurrencies

The richest man in China, the multimillionaire Jack Ma, founder of the Alibaba consortium, harshly criticised the financial regulations and the manner in which the international banking system works these days.

According to Ma, the prevailing obstacles suffocate financial innovation in the FinTech. Moreover, he feels that a new ecosystem should be established in finances, that doesn’t contemplate, like what is currently happening, a strong dependence on the big banks.

For Ma, the best path is to bet on cryptocurrencies, which, he warns, will have a key role in building this new financial ecosystem in the upcoming decades.

China, according to Ma, will have to separate from the global financial guidelines and elaborate its own strategy in this sector. Ma’s words come at a time when China is testing its own cryptocurrency, the digital Yuan, controlled by the Asian country’s central bank. Chinese authorities have already carried out several real experiments, including transactions between people.

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