Cypherpunk Adam Back Speaks of Blockchain Benefits at G20 Meeting of Finance Ministers

Adam Back, who invented the hashcash 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. Sitting next to the governor of the Dutch central bank, Back said he believed blockchain was another move to open networking — 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.After the G20 meeting, a joint communiqué co-signed by leaders urged the Financial Stability Board and global standard-setting bodies to monitor the risks surrounding crypto assets — warning that while they could pose benefits to the economy, money laundering and terrorism financing are potential by products.

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