Exclusive: 'Nothing Is Above Bitcoin, No CBDC, No Stablecoins,' Says Blockstream CEO Adam Back

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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.

I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users.

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."

So we'll see how things develop in various countries, but I would think of today's stablecoins as lacking much of the self-sovereignty properties of Bitcoin, and potential future central government operated ones similarly.

Back also pointed out that if blockchain applications cannot be auditable, such as Bitcoin, they have no value.

As Cointelegraph reported, Back recently stressed the benefits of Lightning Network, which include faster transaction confirmations and lower risk of double-spend.

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