What Heads of Largest E-commerce Companies in China Say About Bitcoin and Blockchain

November 22, 2017

What Heads of Largest E-commerce Companies in China Say About Bitcoin and Blockchain

Not long ago, Jack Ma, head of the Chinese trading giant Alibaba, shared his opinion on Bitcoin and blockchain technology.

At the press conference dedicated to the release of the film Gong Shou Dao (Martial Arts), produced by Ma, the billionaire was asked a question about his attitude to the cryptocurrency industry.

"I do not know much about Bitcoin, but I still think that you need to be careful with it. I'm much more interested in blockchain, this technology looks really effective and promising," answered Ma.

It should be noted that Alibaba is already conducting tests with the technology. Over the past two years, the trading giant has been implementing the blockchain technology into the consumer sector to prevent cases of theft of goods, and into the sphere of medicine, in order to simplify the use of patients' data. Moreover, in October this year, Cheng Li, CTO of Alibaba's subsidiary Ant Financial, announced a new strategy for his company, which was named BASIC (Blockchain, Artifical Intelligence, Security, Internet of Things & Cloud Computing).

The heads of other major Chinese e-commerce companies earlier in their conversations have already touched the topic of Bitcoin and blockchain.

The main rival of Jack Ma's company, Jingdong Mall (JD), is also exploring the possibilities of the distributed ledger technology. Last year, the company introduced it into its data ecosystem, namely in to the systems of assets management and supply chain management.

Three years ago, in one of the issues of the Chinese financial talk show that was dedicated to cryptocurrencies, the presenter asked head of JD Richard Liu if it is possible to add Bitcoin as a way of paying for goods on its site. The head of the company replied:

"It all depends on our customers. If they trust Bitcoin, so will we."

However, since then, no one has ever asked Liu's opinion on digital currencies.

The owner of the site that brings up the rear of the top three China's most popular e-commerce companies, 58.com, Yao Jinbo said that he supports Bitcoin, although he admitted never buying it.

"I've never bought Bitcoin and regret it. Bitcoin is a terrific technology. Satoshi deserves the Nobel Prize in Economics. It seems to me that in five years, many countries, especially the countries of Africa, will abandon their currencies and will use only Bitcoin. If I had my own country, I would undoubtedly accept it as the common means of payment," said Jinbo.

As for blockchain, he added that this technology can become "something more than the Internet" and called on all companies to use it.

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