Jack Ma, the now retired founder of Alibaba Group, He recently spoke to a crowd of bankers and regulators at the Bund Summit in Shanghai about the role digital currencies are likely to play in the future global financial system:

“The digital currency could create value and we should be thinking about how to establish a new type of financial system through it.”

He said it The current financial system governed by the Basel Accords is too conservative and does not adapt to the growth of the Chinese economy:

“After the Asian financial crisis, the risk management highlighted in the Basel Accords has focused only on risk management, not development, and opportunities for young people and developing countries are rarely considered.”

The Basel Accords provide for international regulation for banks aimed at reducing systemic risk in the global economy. The standards became particularly stringent with the approval of Basel III in 2008 in response to the global financial crisis.

After announcing his retirement in 2018, Ma said he will return to teaching. Despite mum’s departure, Alibaba continued to grow, becoming one of the largest companies in the world by market capitalization.

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