Jack Ma, the billionaire founder of China e-commerce giant Alibaba BABA , is gearing up for the record-breaking $34 billion stock market listing of his financial technology company Ant Group.
Ahead of the hotly-anticipated Shanghai and Hong Kong floatation, Ma has warned new "digital currencies," such as bitcoin and China's digital yuan, could be used to establish a new type of banking and financial system—and called for an overhaul of U.S.-led banking regulations.MORE FROM FORBESKanye West Reveals The 'True Liberation Of America' Could Be BitcoinBy Billy Bambrough Alibaba founder Jack Ma is gearing up Ant Group's blockbuster China IPO. Getty Images
"Digital currency could create value and we should think about how to establish a new type of financial system through digital currency," Ma told the Bund Summit in Shanghai over the weekend in comments first reported by Bloomberg.
China's bitcoin and blockchain-inspired digital yuan has been the subject of much speculation in recent months, with questions raised as to how it, and other digital currencies that are expected to follow, will affect the global financial system, the commercial banking industry, and central bank policy. Earlier this year, JP Morgan warned China-led central bank digital currencies pose a "great threat" to U.S. geopolitical power and U.S. dollar hegemony.
It's not yet known how the looming digital yuan will work with China's popular commercial banking apps, with Ant Group's Alipay revolutionizing payments in China in just a few short years and now boasting a staggering 700 million monthly active users.
Ma, in translated comments, blasted regulatory curbs on innovation, suggesting the Basel Accords, which he described as "like an old people’s club," stifled innovation and should be overhauled to help a younger China thrive.
"After the Asian financial crisis, the risk control highlighted in th...