Jack Ma, founder of Alibaba Group says digital currencies will redefine money and will be at the core of our future global financial system.

At the “Second Bund Financial Summit” held in Shanghai on October 24th, Jack Ma delivered a speech. The summit was organized by the China Financial Forty Forum (CF40) and the member institutions of the organizing committees. During his speech, Jack Ma highlights the importance of digital currencies. Digital currencies will redefine money as Apple redefined cell phones, the Chinese billionaire said.

“Take digital currency as an example. If the financial system that the world needs 30 years later is built with a future vision, the digital currency may be a very important core. ”

The World Is Looking Forward to a New Financial System of the Future

The billionaire believes the cryptocurrency will gain interest in developing countries. He further added in his speech:

“The digital currency system is not only a technical problem but also a solution to future problems. Digital currency may redefine currency. Although the main function of currency is still there, it will redefine currency. Just like Apple redefines mobile phones, not just being a phone.”

Ma also stated that the idea of building a new financial system around digital currencies is necessary. The billionaire entrepreneur added that new innovative technologies such as blockchain, big data, and cloud computing could help to achieve this goal.

“Digital currency could create value and we should think about how to establish a new type of financial system through digital currency”

Speculation in the Crypto Community

In the crypto community, opinions were quickly spread after Ma’s speech on digital currencies.

Binance CEO Changpeng “CZ” Zhao post a tweet that it was an “amazing speech” where Jack Ma talked a lot about cryptocurrency and the future.

Shortly after, Vitalik Buterin, Ethereum co-founder, asked Zhao what exactly Ma meant by “digital currencies.”

Zhao replied, “the meaning is up for interpretation.”

A Longtime Supporter of Blockchain

Jack Ma has been supporting blockchain for a long time. Billionaire founder relies more on Bitcoin’s underlying technology – blockchain than Bitcoin. For this reason, Alibaba has been involved in numerous blockchain-related projects over the past few years. According to the reports released recently, Alibaba has the most blockchain patents, ahead of IBM, Bank of America, and Mastercard.