Sberbank CEO Urges Russian Government Not To Ban Cryptocurrencies

- Advertisement -

January 17, 2018 10:12 PM

Sberbank CEO Herman Gref has urged the Russian government not to prohibit its people from having access to cryptocurrencies.

On January 17, Herman Gref, the CEO of the state-owned Sberbank, the largest bank in Russia, voiced his hope that cryptocurrencies will not be banned in the country.

Gref has appeared enthusiastic about virtual currencies and their underlying blockchain technology in the past, predicting that Russia would see “implementation” of the tech in eight to ten years and calling digital assets “a fact of our life” in November 2017. Sberbank also announced the pilot for a blockchain-based payment system that same month.

In his most recent comments, the CEO acknowledged that there are risks inherent in cryptocurrency investment but said that he hopes Russians will nonetheless be allowed access to the technology, considering its transformational potential:

“Before trying to regulate it, it is necessary to maintain a normal background around the blockchain technology and cryptocurrency. It is necessary to explain to people that it does not store value, but right now is rather a very dangerous thing, like a lottery or a casino. It should not be banned, as it is a great new technology in development, which no one is yet able to comprehend.”

In October 2017, Russian president Vladimir Putin instructed members of his government to prepare legislation regulating cryptocurrencies, which Deputy Finance Minister Alexei Moiseev recently projected would be ready by the end of February 2018.

- Advertisement -

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.

Like what you read? Follow us on X @Bitnewsbot to receive the latest Russia, Sberbank or other Ethereum world news.



Previous Articles:

- Advertisement -

Latest News

Bitcoin Whales Move 20,000 BTC Worth $2B, Stir Market Speculation

Two major Bitcoin wallets transferred 20,000 BTC, valued at over $2 billion, to new...

Nissan Recalls 480,000 Vehicles; Stock Surges Despite Engine Issue

Nissan is recalling over 480,000 vehicles in the U.S. and Canada due to engine...

Bitcoin Risks $2.67B in Longs if Price Falls Below $108K Level

Bitcoin's price approaches its all-time high, with traders watching for signs of a breakout...

CrowdStrike Stock Hits Record High After Analysts Hike Price Target

CrowdStrike Holdings (CRWD) stock reached an all-time high with a gain of more than...

Amber International Raises $25.5M to Grow $100M Crypto Reserve Fund

Amber International Holding raised $25.5 million in a private placement to expand its $100...

Must Read

17 Best Audiobooks On Blockchain Technology For Beginners

If you're looking to dive into the world of blockchain technology, you're in for a treat. The field is rapidly evolving and the potential...