Cryptocurrencies

Jack Ma, CEO of Alibaba, thinks cryptocurrencies are the future – Cryptocurrencies

For Jack Ma, cryptocurrencies are the future

Open sesame: Jack Ma declares his support for “digital currencies”. The founder of Alibaba seems to have chosen his words well.

The art of provoking a debate by putting a hint of vagueness in your speech: enough to create a topic of discussion between Changpeng Zhao and Vitalik Buterin.

Digital currencies in Alibaba’s cave

The billionaire Jack Ma stated in a speech at the Bund Summit at Shanghai that cryptocurrencies represented the future of the global financial system.

According to Bloomberg, My reportedly said that digital currencies can create value and that it is time to design a new financial system based on them.

Changpeng Zhao praised his speech which he described as impressive. However, like many observers, Bloomberg notes that the term “digital currencies” is too generic and needs to be clarified.

Indeed, it is quite possible that My referred to central bank cryptocurrencies. Moreover, the project to create the Digital Yuan is progressing and is currently in the testing phase.

A generic term for an ambiguous policy

In a tweet from October 25, 2020, the co-founder of ’Ethereum, Vitalik Buterin, specifically asked what this term referred to.

What to what CZ replied that this was the literal translation of the expression used in the speech of My.

The founder of Binance adds that the word is subject to interpretation and that My could not go further, without causing controversy.

Vitalik Buterin Changpeng Zhao cryptocurrency Jack Ma

Source : Image via Twitter

The Chinese government’s position on cryptocurrencies is ambiguous: cryptocurrencies would be considered illegal but many assets as Bitcoin (BTC) are negotiated there.

Chinese mining companies dominate the industry. My also criticized international regulations, in particular the Basel, which he considers obsolete.

According to him, regulations hinder the development of China and do not take into account the opportunities of young people or developing countries.

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

The European Central Bank is calling for the term stablecoin to be reviewed as it would be too ambiguous, as central banks release their cryptocurrency which is not. The power of words: Joe Biden and Donald Trump are currently abusing them to get elected. The world needs to be educated in cryptocurrency to avoid being fooled – newbies could always check out hope.com. This will avoid applauding Jack Ma’s speech without understanding all the nuances that are not necessarily positive.

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