TrendsWide
[email protected]
Contact
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Opinion
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Opinion
  • Lifestyle
  • Sports
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

Cryptocurrencies are here to stay, says Jack Ma

souhaib by souhaib
October 31, 2020
in Economie
0
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter


  • The founder of Ecommerce giant Alibaba, Jack Ma is now supporting the cryptocurrencies.
  • This is probably due to the recent breakthrough of Bitcoin and other cryptocurrencies.
  • We have seen the Chinese billionaire Jack Ma talking about the use cases of blockchain technology in the past.

The founder of Alibaba, Jack Ma, states that cryptocurrencies are the future of finance. In his speech, he said that digital currencies are here to stay. And global regulation of digital coins is bad for the world’s economic stability. Regulators are stiffing the role of financial innovation, which is not good, according to the Chinese Billionaire.

Jack Ma asserts on embracing cryptocurrencies

Over the weekend, Jack Ma was at the Bund Financial Summit in Shanghai. Jack says that financial regulators in China and all over the world should embrace cryptocurrencies. Furthermore, he cites the approach deployed by traditional finance systems to pull down cryptocurrencies around the world.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

His comments came about the planned setup of a global series of financial regulations known as the Basel Accord. According to Jack Ma, the Basel accord proposes a financial regulation that does not serve the future of the world economy and China. He further likened the Basel accord to a club of older people looking to solve the modern financial system with outdated methods.

Given Jack Ma’s success as a businessman and influence across the world, he believes that the world needs to adopt a modern technology that can drive financial innovations. The Chinese businessman also believes that the country needs to adopt new technology to drive innovation. Chief among these tech innovations is the cryptocurrency and blockchain systems.

Cryptocurrencies and stablecoins

“Cryptocurrencies and stable coins would create good value and financial freedom for people. Therefore people should adopt the new financial innovation with open arms,” said Jack Ma. 

Jack Ma aimed his comments at the global financial sector, and he expressed his displeasure toward the current regulations. A lot of cryptocurrencies have done well all around the world. But unfortunately, there is apathy towards digital currencies in many parts of the world.

China is one of the major countries that have enacted bans on cryptocurrencies and other digital coins. However, in 2019 BTC/USD got legal status, but it can only serve as virtual property.

Today Bitcoin is the only major cryptocurrency that is partly legal in China. But at the same time, the China Arbitration commission still bans the use of cryptocurrencies as legal tenders. They cannot serve as money, rather people see them as digital property.

China’s Adoption of blockchain technology

China has adopted blockchain technology, but it has a distaste for cryptocurrencies. Despite this, China has created its own central bank digital currency, which has brought about a lot of criticism. Although, it seems Jack Ma is winning the race in the advocation of a fully functional cryptocurrency due to his leverage and worldwide support.

Jack Ma said that the acceptance of digital currencies could drastically overhaul the way people in China and worldwide carry out a financial transaction with one another. He also stated that digital currencies could enable small and micro-businesses access loans that they would ordinarily not access.



Source link

ADVERTISEMENT
ShareTweetPin
Previous Post

Cincinnati Bengals wide receiver John Ross confirms trade request

Next Post

Covid: A town’s intoxicating will to press on through the pandemic

souhaib

souhaib

Related Posts

Economie

Buying China Mobile shares might be a good idea this February

January 26, 2021
Economie

Highlights from BlackRock CEO Fink’s annual letter to leaders

January 26, 2021
Economie

Here’s why Bed Bath & Beyond, AMC, and GameStop stocks are rocking the stock market

January 26, 2021
Next Post

Covid: A town's intoxicating will to press on through the pandemic

Coronavirus lockdown: R rates ARE reducing in some Tier 3 areas

Why West Ham could beat Liverpool this weekend for the first time since 2016

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Recommended

Black Friday 2020: The best Verizon, AT&T, T-Mobile deals right now

2 months ago

RAF Reaper drone wipes out suspected ISIS terror unit in Iraq

3 months ago

Bowl projections: Florida joins College Football Playoff field among major changes this week

4 months ago

Steel Magnolias star Carol Sutton dead at 76 after months-long battle with COVID-19 

2 months ago

Categories

  • Australia
  • Business
  • Cryptocurrency
  • Deals
  • Discounts
  • Economie
  • Euro
  • Gaming
  • Lifestyle
  • News
  • Opinion
  • Sports
  • Travel
  • Trending
  • Uncategorized

Topics

bbc bbc health cnn ar business dailymail dailymail australia dailymail heath dailymail money dailymail sport day 7 euronews Health IGN rt arabic usa today usa today money usa today sport Women Fashion
No Result
View All Result

Highlights

Bournemouth 2-1 Crawley Town: Jack Wilshere goal helps Cherries into fifth round

Starboosa Telescope Camera Adapter – for Prime-Focus Or Eyepiece-Projection Photography – Camera Adapter for Nikon SLR Camera

Atlanta rapper 6 Dogs dies at the age of 21 of apparent suicide after battling COVID-19 last year

Brazil records 61,963 cases and 1,214 new deaths in Corona

French teachers strike in Paris over government’s response to COVID-19

Coronavirus ‘hit us like a missile,’ says care home boss

Trending

Lifestyle

One in five Americans has an STI and nearly HALF of infections are in people under age 24

by souhaib
January 26, 2021
0

An estimated one in five Americans has a sexually transmitted infection (STI), a new report finds.Data...

6 ways estate planning can save your family money

January 26, 2021

UK becomes first in Europe to record more than 100,000 COVID-19 deaths

January 26, 2021

Bournemouth 2-1 Crawley Town: Jack Wilshere goal helps Cherries into fifth round

January 26, 2021

Starboosa Telescope Camera Adapter – for Prime-Focus Or Eyepiece-Projection Photography – Camera Adapter for Nikon SLR Camera

January 26, 2021

Follow us on social media:

UK Jobs

Recent News

  • One in five Americans has an STI and nearly HALF of infections are in people under age 24
  • 6 ways estate planning can save your family money
  • UK becomes first in Europe to record more than 100,000 COVID-19 deaths

Category

  • Australia
  • Business
  • Cryptocurrency
  • Deals
  • Discounts
  • Economie
  • Euro
  • Gaming
  • Lifestyle
  • News
  • Opinion
  • Sports
  • Travel
  • Trending
  • Uncategorized

Recent News

One in five Americans has an STI and nearly HALF of infections are in people under age 24

January 26, 2021

6 ways estate planning can save your family money

January 26, 2021
  • Contact
  • Terms & Conditions
  • Privacy Policy

© 2020 - TrendsWide

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 - TrendsWide