Jack Ma Believes Digital Currency is the Future

Jakarta –

Jack Ma, the billionaire founder of China’s e-commerce giant Alibaba reminded that new digital currencies, such as bitcoin and China’s digital yuan, can be used to build new types of banking and financial systems.

“Digital currency can create value and we have to think about how to build a new type of financial system through digital currency,” Ma told the Bund Summit in Shanghai last weekend as reported by Bloomberg.

It is not yet known how the digital yuan will work with commercial banking applications popular in China. However, Alipay from Ant Group proved successful in carrying out the payment revolution in China in just a few short years. Alipay now has 700 million monthly active users.

Quoting ForbesAnt even plans to expand internationally and is rumored to have alarmed US officials who fear China’s fintech platforms will dominate global digital payments.

The Donald Trump administration is reportedly considering restrictions on Ant and other fintech rivals such as Tencent due to the horror of the payment platform’s speed. According to them, China’s digital payment platforms could threaten the national security of the United States.

After the recent clashes between the US and China over a short video application TikTok and technology giant Huawei, China’s digital yuan and similar digital currencies are believed to be the next battleground.

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