News Former Russian Economics Minister Sees "Huge" Potential for Crypto

Former Russian Economics Minister Sees “Huge” Potential for Crypto


- Advertisment -

Herman Gref, the former Russian minister of economics and trade and the current CEO of Russia’s largest bank, Sberbank, recently articulated his expectation that cryptocurrency will have a profoundly transformative effect upon society in coming decades. Despite his longer-term outlook, Gref also expressed his belief that cryptocurrency and distributed ledger technology still needs up to five years to mature.

Also Read: Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

Sberbank CEO Believes Nation States Will Seek to Limit Crypto

Former Russian Minister of Economics Sees “Huge” Potential for CryptoWhile speaking at the Finopolis forum on innovative financial technologies, Gref expressed his expectation that nation states will seek to restrict the influence of cryptocurrencies in the near term, stating: “Do I see a great future in cryptocurrency? Not yet seen, the state will not give up its centralized role, will not allow cryptocurrency.”

Despite emphasizing his doubt that national governments will soon embrace crypto, Gref expressed optimism regarding the longer term outlook for cryptocurrencies, stating: “I’m optimistic about 10 years. Maybe 10 years will be visible beyond the horizon, but so far it’s not likely that any state is ready to part with the centralized money supply model.”

Gref also stated that he is in favor of “a distributed model [regarding] money supply,” adding: “maybe [cryptocurrency] would be the right model.”

Gref Describes Cryptocurrencies’ Potential as “Huge”

The former economics minister argued that the technology underpinning cryptocurrencies still needs up to five years in order to develop, stating “The technology is not ready now. When will it be ready? In my opinion, three to five years. If you ask me in five years, maybe I can say something more distinct about its place, but the potential is huge.”

Former Russian Economics Minister Sees “Huge” Potential for CryptoExpanding on his expectations for the potentiality of crypto, Gref predicted that once the technology has matured, cryptocurrencies will have a transformative effect upon “business and society.”

“Improving technology will give a huge value for business and society. Now the hype has ended and a more balanced consideration and evaluation of this technology has begun. We are developing and are experimenting with technology. I see that, in particular, in the financial sector and in public administration this technology has great prospects,” he stated.

Gref also argued that a cooling of the speculative frenzy recently surrounding the crypto markets is a positive signal for the fundamental development of cryptocurrencies, stating: “It is important between the murder and the rise of speculation to find the golden mean, which will allow you to quietly develop the technology.”

What is your response to Gref’s outlook regarding crypto? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Wikipedia

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.



Please enter your comment!
Please enter your name here

Latest news

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.
- Advertisement -Former Russian Economics Minister Sees "Huge" Potential for Crypto

Top 5 Ways To Build a Profitable Business in The Crypto Sector

The crypto industry has grown significantly despite criticism and a skeptical approach from regulators across the globe....

These 8 Cryptocurrencies Will Survive the Next Decade

Cryptocurrency is the future, we all have reasons to believe it. But are people ready...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you