Strict regulation of the blockchain and cryptocurrency Chinese government was unable to repay the interest on the part of influential people and companies of this country. In a recent speech by Jack MA, head of Alibaba and Ant financial conglomerate Financial cost of $150 billion, said that pays particular attention to bitcoin and the blockchain, because it considers them a key technology in creating a “cashless” society.

“Bitcoin and blockchain — powerful solutions”

Jack MA has always admired the innovation that got us bitcoin and the blockchain, and often spoke positively about them. He also drew attention to the fact that the blockchain technology could be the basis of a society which has refused to cash.

Given the fact that China is now a relatively small part of the population uses cash, Jack MA dreams about the “cashless” society does not seem to be something fantastic. With its popular payment app Alipay, he has made a major contribution to the formation of a “cashless” standard.

The current business model Alipay is very close to what engaged in most of the blockchain and cryptocurrency projects. Using smartphones and NFC-Alipay users in China can one move to pay for coffee via smartphone via PoS-terminals, as well as get paid through the app without the delays associated with banking services.

In his speech, MA said:

I pay special attention to the “cashless” society and blockchain technology. The work my company contributes to the fact that the world has taken a major step to cashless payments. […] The money may in fact be reliable and transparent. I hate corruption and I don’t want someone who could cut my ability. That’s why I strive for “cashless” society.

He further said:

Bitcoin is very valuable to society; however, I want to draw attention to the power of technology behind it.

Vice-President of Ant Financial ray Chan also pointed to the fact that financial products are aimed at the younger generation, which “will become the driving force of society” and “always looking for new and quick solutions.”