Recently found this article on internet...
https://www.cryptocoinsnews.com/bitcoins-not-for-me-alibaba-founder-jack-ma/
The article goes to say the following words.. But i would like to express my views on this... (Please find the article below)
My View:
Alibaba, Being a muticountry, multi economy and ecommerce industry, it should start working on Bitcoins and Cryptocurrency, to make their business more transparent and simpler. With Bitcoin and blockchain, they can nearly do much more and the whole sale cycle will be more transparent. With Block chain technology, BPM, and various other tools the international contract process for the both Buyer and seller will be easy and also it will be more transparent. In E-commerce industry, the main flaw remains, that there is no physical view or touch of the product. With Bitcoin and future contract this flaw can be eliminated.. Also the whole video in terms of contract, packing, delivery and receipt of the contract can be encoded on blockchain. This can solve a couple of problems, and also cross border confidence can be enhanced.
Alibaba, should surely look into it, and its was fascinating to know from Jack, that he said that line - “I said honestly, I know very little about it, and I’m totally confused,”.. Being in trade for nearly more than a decade now, also having learnt about Blockchain, this statement doesnt really make any sense.. Alibaba is operating the Alipay platform, it is a wallet system, and he has his own cryptocurrency.. He can migrate the same to Blockchain, and also integrate Bitcoins or any other cryptocurrency along with the other payment methods. I dont understand what challenges will be faced in that. In the closed economy, and closed financial tradings, the companies may be fearing transparency may cripple their transactions or may be they feel, that if their payment platform and their wallet is exposed to markets, it may lead to trading of the whole payment platform Currency, which may further lead to the currency depending on market derivatives.. There may be a confusion that the value of the goods will be appreciated or depreciated with the market value of the cryptocurrency,.
That was about the cryptocurrency and payment platform if Alibaba thinks of getting into the platform, but the talk here is about why not integrate market available cryptocurrency or bitcoins on his platform..
With some time to go, We will hear the contrary from Jack, and he will be forced to introduce Bitcoins and some other cryptocurrency in his platform..
Chinese business magnate Jack Ma is confused by bitcoin and is not interested in learning more about the emerging cryptocurrency asset class, even though his company is pouring significant resources into blockchain development.
Speaking with CNBC, the founder and executive chairman of tech conglomerate Alibaba, said that he was repeatedly asked about bitcoin at the World Internet Conference, which was held this week in Wuzhen, China.
“I said honestly, I know very little about it, and I’m totally confused,” Ma replied.
Ma, whose $38.6 billion net worth makes him China’s richest man, warned that if bitcoin did prove to be more than just a blip on the economic radar, it would completely upend the international order.
“Even if it works, the whole international rules on trade and financing are going to be completely changed,” he said, adding that “We’ve spent a lot of efforts on blockchain technology and development.”
Ma stressed that Alibaba’s blockchain efforts will be restricted to applications that operate within the current economic order. The company has already launched blockchain initiatives designed to improve healthcare and combat the sale of counterfeit food.
“I don’t think we are ready for that,” he said, casting doubt on whether Alibaba will make a leap into the cryptocurrency space. “I’m [going] to focus on AliPay,” the company’s mobile payments platform, as well as other technologies that focus on development for the RMB, USD, EUR, and other state-issued currencies.
“Bitcoin [is] not for me,” Ma reiterated, stating that although Alibaba desires to lead the charge toward a cashless China, it wants to do so in a way that is efficient, transparent, and corruption-free, perhaps alluding to some of the common criticisms levied against bitcoin.
“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,” he concluded.
