Alibaba Founder Jack Ma lacks interest on Bitcoin
Still favors a cashless, transparent and justified society
The Chinese business idol, Jack Ma is showing lack of interest in learning about Bitcoin and other cryptocurrencies blooming in the market. This is the case, even though Alibaba is lending many resources to work on blockchain development. The executive chairman and Alibaba Founder Jack Ma seems uncertain about Bitcoin and its potential. He mentioned this at the World Internet Conference held at Wuzhen, China;
I said honestly, I know very little about it. And I’m totally confused.
A net worth of 38.6 billion USD makes Jack Ma the richest man in China. He warns that if bitcoin becomes more than what it is now and effects the economy; it will turn international regulations upside down.
Even if it works, the whole international rules on trade and financing will completely change. We have spent a lot of efforts on blockchain technology and development.
Alibaba Founder Jack Ma on Blockchain
Ma emphasizes that Alibaba will only work with blockchain enhancements operating under current economic regulations. The company is working on blockchain initiatives to improve healthcare and combat the sale of counterfeit food.
Alibaba currently supports mobile payment transactions and other technologies connected to the improvement of USD, EUR, RMB and other government regulated currencies. He answered the question of whether Alibaba will move on to cryptocurrencies in future;
I don’t think we are ready for that. I’m [going] to focus on AliPay.
Alibaba favors a cashless, transparent and corruption-free society, but Jack Ma simply states that “Bitcoin [is] not for me”. This would mean they need to find an alternative way to aim for a cashless transaction system within China. Jack Ma made a concluding statement highlighting the current need of the society;
We are not focused on bitcoin, we are focused on a cashless society for China… trying to make sure the society is more efficient, more transparent, with no corruption.
It seems Alibaba as a company nor Jack Ma personally will rely on Bitcoin payments anytime soon. However, it is still a possibility in future if a scenario occurs in which industries need to go for Bitcoin to keep up with the market competition.