Adam Back, who devised the hashcash proof-of-work system and has been among the very first people to work on bitcoin (BTC), talked about the positive applications of blockchain in G20.
Sitting alongside the governor of the Dutch central bank, Back said he believed blockchain was another movement to open media — and said financial institutions stand to gain from the technology since it would imply international transfers no longer must go through intermediary banks using questionable creditworthiness.
When talking in Fukuoka City at the conference entitled’Multi-Stakeholder Governance for a Distributed Financial System,’ Back said BTC and other crypto assets”are the digital cash for the global internet world.
” He added:”I don’t see it large enough to affect financial policies for major currencies such as the euroand Western yen.”Back’s presence was safeguarded by Junei Murai, a University of Tokyo professor who moderated the discussion. He said:”It was purposeful to show a location where various stakeholders gather to build a decentralized fiscal system.
“Japan’s Financial Services Agency has described Back as a legendary cypherpunk who managed to ease helpful discussions about the role that crypto and blockchain can play in the future.
Following the G20 meeting, a combined communiqué co-signed by leaders urged that the Financial Stability Board and international standard-setting bodies to track the dangers surrounding crypto resources — warning that while they could pose benefits to the market, money laundering and terrorism funding are possible byproducts. From the run-up to the meeting, crypto advocates had cautioned that a”balance ought to be found between privacy and compliance” in any strategy pursued by the G20.