Blockstream’s CEO Adam Back spoke at a side event in this year’s G20 meeting of Finance Ministers and central bankers in Osaka, Japan, on Saturday.
Back spoke about the potential benefits of tokenization and blockchain technology according to local crypto media.
“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.
“Open Networks always win” Back said, arguing “publicly auditable blockchains will win over permissioned private blockchains aka DLT.”
He further argued security tokens would also be beneficial from a regulatory standpoint as they can more easily be audited.
In addition, Junei Murai, who some call the father of the Japanese internet, argued for an ICAN like body for blockchain, stating:
“We will intentionally create a place where multi-stakeholders gather together to disseminate the decentralized financial system and block chain. It is necessary to create a place where various stakeholders gather, as in the early days of the Internet.”
The ministers themselves have now issued a communique reiterating AML/KYC requirements while stating:
“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.
While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).”