Blockstream’s Adam Back Touts Benefits of Blockchain at G20 Summit

Asia Blockchain Review
June 25, 2019

In a meeting for finance ministers and central bank governors from G20 member countries held on June 8th, Adam Back, an influential blockchain advocate, explained the benefits of blockchain technology, as reported by the weekend edition of Cointelegraph Japan.

Back is the founder and CEO of Blockstream, a blockchain development company, and invented the hashcash proof-of-work system.

Blockchain Is “Another Move To Open Networking”

Back spoke on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Fukuoka, Japan. There, he advocated for the recognition of blockchain technology at the national level, saying that blockchain is moving towards open networking.

In his statement, he argued that financial institutions around the world will be the biggest beneficiaries of distributed ledger technology (DLT), as they would no longer require the services of intermediary banks for international payments.

Cryptos Do Not Affect Monetary Policies

The Blockstream founder gave a talk at the seminar entitled “Multi-Stakeholder Governance for a Distributed Financial System”. He told influential delegates that Bitcoin and other cryptos are “electronic cash” for the internet-based economy, which grows by the day.

Back added that he could not see cryptocurrencies having a major effect on leading fiat currencies.

“I don’t see it as large enough to affect monetary policies for major currencies like the euro and Japanese yen,” he said.

After the meeting, the G20 leaders co-signed a communique, calling on global standard-setting bodies, such as the Financial Stability Board, to examine the risks of cryptocurrencies.


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