CEO Blockstream: blockchain will allow financial institutions to abandon the services of intermediary banks

Blockchain technology is one of the steps to the formation of open networks. In particular, it will eliminate the need for the participation of intermediary banks in the implementation of international transactions by financial institutions. This statement was made by Blockstream CEO Adam Beck during the G20 meeting in Japan, Cointelegraph writes.

He also indicated that he considers cryptocurrency “electronic money for the global Internet space,” but the scale of distribution of digital assets does not yet allow talking about their impact on the monetary policy of leading currencies.

Speaking about the benefits of tokenization, Adam Beck noted that it allows you to check the integrity of the system in real time.

“We can prove that the records of transactions, calculations and accounting values are correct at the level of a single small financial institution,” he said.

In addition, the CEO Blockstream spoke about the benefits of security tokens in the regulatory context. In his opinion, open blockchains available for public audit will always be a more attractive solution than their private counterparts.

Earlier, the G-20 member countries called on the Financial Stability Board and regulators of various countries to assess the risks associated with digital currencies.

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