Alibaba's Jack Ma praises the disruptive nature of digital currencies

The current conservative international financial system doesn't suit young people or young economies, says Ma. 326 Total views.

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

"After the Asian financial crisis, the risk control highlighted in the Basel Accords has been only focused on risk control, not on development, and rarely do they consider opportunities for young people and developing countries."

The Basel Accords provide international regulation for banks that is meant to reduce the systemic risk in the global economy.

The rules became particularly stringent with the passing of Basel III in 2008 in response to the global financial crisis.

Announcing his retirement in 2018, Ma said that he would go back to teaching.

Despite Ma's departure, Alibaba continued to grow, becoming one of the world's biggest companies by market capitalization.