Jack Ma, the now-retired founding father of Alibaba Group, lately spoke to a crowd of bankers and regulators on the Bund Summit in Shanghai concerning the position digital currencies will doubtless play sooner or later world monetary system:
“Digital foreign money might create worth and we should always take into consideration set up a brand new kind of economic system by digital foreign money.”
He opined that the present monetary system ruled by Basel Accords is just too conservative and doesn’t match China’s rising financial system:
“After the Asian monetary disaster, the chance management highlighted within the Basel Accords has been solely centered on danger management, not on improvement, and barely do they think about alternatives for younger folks and creating international locations.”
The Basel Accords present worldwide regulation for banks that’s meant to cut back the systemic danger within the world financial system. The foundations grew to become notably stringent with the passing of Basel III in 2008 in response to the worldwide monetary disaster.
Asserting his retirement in 2018, Ma mentioned that he would return to instructing. Regardless of Ma’s departure, Alibaba continued to develop, turning into one of many world’s largest corporations by market capitalization.