Altcoin News: CEO of Blockstream Spoke About the Benefits of the Blockchain and Digital Assets at the G20 Meeting

June 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Adam Beck, CEO of Blockstream, whose development is mainly related to Bitcoin and blockchain, spoke about the benefits of technology during an additional event at the G20 meeting held in Japan.

Beck, who took the seat next to the head of the central bank of the Netherlands, said that he considers blockchain to be one of the steps towards the formation of open networks. According to the CEO of Blockstream, financial institutions will find the benefits of technology beneficial to themselves, because it will not have to resort to the help of intermediary banks in conducting international transactions.

During a seminar in Fukuoka, Japan Back called Bitcoin and other cryptocurrency assets “the electronic cash for the global internet world.”

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

Also, according to Trustnodes, Beck spoke about the advantages of tokenization:

“We can prove that transaction records, clearances and unit numbers are correct at the individual and small financial institution level. We can check the soundness of the system in real time,” Back reportedly said.

CEO of Blockstream assured the listeners that security tokens have their advantages in the regulatory context, and open blockchains available for public auditing will always be a more attractive solution than their private counterparts.

Earlier it became known that at the same meeting the G20 member countries expressed their willingness to implement recommendations on the regulation of the cryptocurrency industry, currently being prepared by the Financial Action Task Force on Money Laundering (FATF).

Author: Marko Vidrih