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Adam Back, a cypherpunk who was one of the first people to work on BTC, attended a seminar at the G20 meeting of finance ministers.
Adam Back, who invented the hashcashĀ proof-of-work system and was one of the first people to work on bitcoin (BTC), spoke about the positive uses of blockchain at G20. Cointelegraph Japan reported on Backās comments at a meeting of finance ministers and central bank governors inĀ Japan on June 8.
Sitting next to the governor of the Dutch central bank, Back said he believedĀ blockchain was another move to open networking ā and said financial institutions stand to benefit from the technology because it would mean international transfers no longer need to go through intermediary banks with questionable creditworthiness.
When speaking in Fukuoka City at the seminar entitled āMulti-Stakeholder Governance for a Distributed Financial System,ā Back said BTC and other crypto assets āare the electronicĀ cash for the globalĀ internet world.ā He added:
āI donāt see it as large enough to affect monetary policies for major currencies like theĀ euro and JapaneseĀ yen.ā
Backās attendance was defended by Junei Murai, a University ofĀ Tokyo professor who moderated the discussion. He said:
āIt was meaningful to show a place where various stakeholders gather to build a decentralized financial system.ā
Japanās Financial Services Agency has described Back as a legendary cypherpunk who was able to facilitate useful discussions about the role that crypto and blockchain can play in the future. Back is also the founder and CEO of Blockstream, a blockchain development company.
After the G20 meeting, a joint communiquĆ©Ā co-signed by leaders urged the Financial Stability Board and global standard-setting bodies to monitor the risks surrounding crypto assets ā warning that while they could pose benefits to the economy, money laundering and terrorism financing are potential byproducts.
In the run-up to the meeting, crypto advocates hadĀ warned that a ābalance should be found between privacy and complianceā in any strategy pursued by the G20.
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