Blockchain reduce the need in intermediary banks – the CEO of Blockstream

Blockchain technology will help to create open networks. Cryptocurrency does not affect global monetary policy at this stage.

Blockchain technology is a step towards building open networking as it allows processing international transactions without third-party banking institutions with questionable creditworthiness, according to the CEO of Blockstream Adam Black.

Speaking on the sidelines of G20 meeting in Japan, he said that he considered cryptocurrency as “the electronic cash for the global internet world.”. However, the level of cryptocurrency adoption is too low to evaluate their influence on monetary policy of global regulators. 

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

Commenting tokenization, Adam Black noted that it allows confirming the system integrity in real time.

It is also worth noting that the finance ministers of G20 included crypto and blockchain agenda in the final communique, saying that the technology requires risk monitoring. They also mentioned that digital assets might be beneficial to the economy, while money laundering and terrorism financing are potential byproducts.

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