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

Solo Bitcoin Miner Strikes Block, Earns $373K Amid Rising Difficulty

A solo Bitcoin miner earned $372,773 by mining block 907283 on Saturday.The block contained...

Coinbase Base App Rebrand Sparks Zora Token and SocialFi Surge

Coinbase rebranded its Wallet to the Base App on July 16, sparking a surge...

Solana Holds $177 Support as ETF Delays Weigh, Eyes $205 Rebound

Solana (SOL) saw its price fall by 3.2% this week after a strong rise...

Astronomer Turns Viral CEO Kiss Cam Scandal Into Data-Driven Win

Astronomer, a data infrastructure company, faced a viral public incident involving its CEO and...

Japan’s Crypto Bottleneck: Regulation, Not Taxes, Drives Talent Out

Regulatory approval delays are causing crypto startups to leave Japan.A proposed 20% flat tax...

Must Read

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.Those who have opened a Bitcoin account on...