Jack Ma against excessive financial regulations

The creator of Alibaba assured that the fintech sector is being suffocated by this, and by the big banks

Jack Ma, known for being the founder of Alibaba, said he did not agree with financial regulations and the international banking system.

According to the executive, both parties are “stifling” technological innovation in the fintech sector. Ma said that the current financial system should be less dependent on the big banks.

On the other hand, the founder of the Chinese consortium mentioned that cryptocurrencies may play a fundamental role in the construction of a potential new system “for the next 30 years.”

“Digital currencies could create value and we should think about how to establish a new type of financial system through digital currencies,” Ma said.

China should chart its own path in this matter. The businessman’s message would point out that the Asian giant should distance itself from global financial guidelines, among which he mentioned the Basel regulations.

K. Tovar

Source: Radiocentro

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