Exclusive: ‘Nothing Is Above Bitcoin, No CBDC, No Stablecoins,’ Says Blockstream CEO Adam Back
Cointelegraph By Cassio Gusson's original article for cointelegraph.com reduced by 70%
In an exclusive interview with Cointelegraph, Blockstream CEO Adam Back stated that for him, nothing is above Bitcoin, not even stablecoins or other coins issued by central banks. Adam Back invented the hashcash proof of work system, and was one of the first people to work with Bitcoin. At G20, sitting next to the president of the Dutch central bank, Back said he believed the blockchain would be another initiative for an open network, and said financial institutions no longer benefit from technology because it would mean that international transfers would not need intermediary banks with questionable credit.
Japan's Financial Services Agency described Back as a legendary cypherpunk who was able to facilitate useful discussions about the role that cryptography and blockchain can play in the future. Cointelegraph contacted the CEO to comment on China's possible developments of a central bank digital currency and the increasing use of blockchain technology by private institutions. Regarding Facebook's proposed cryptocurrency Libra, Back pointed out that it will have nothing to do with cryptocurrency and is just another "Banking app with a modern feel." Back also pointed out that if blockchain applications cannot be auditable, such as Bitcoin, they have no value.
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