The Head of Sberbank of Russia Advises Not to Prohibit or Ignore Cryptocurrencies

November 22, 2017

The Head of Sberbank of Russia Advises Not to Prohibit or Ignore Cryptocurrencies

Have you ever thought about the future of our monetary system? If so, it will be interesting to know the opinion of key influence people. For example, German Gref, the head of Sberbank of Russia, believes that in the future. States and financial institutions can switch to a new monetary model based on cryptocurrencies. He mentioned it during his speech at the congress of the leaders of the public organization Opora Russia. He underlined that private cryptocurrencies had already become a part of modern life, that’s why they shouldn’t be forbidden or ignored.

"You can prohibit cryptocurrencies, you can favour them, you can encourage not to play for them, but they are a fact of our life. They exist and this must be taken into account. Step by step, humanity is getting more and more aware of this fact. And, obviously, the first reaction of the state is protection... But I think that, as time goes by, there will be place for the institution of private money or for those states that will decide on another model of monetary emission in the economy.  I consider that it will take time to realize. And the last thing should be done is to prohibit or ignore," Gref said.

Besides, Gref added that the blockchain technology creates new tremendous opportunities for business.

Moreover, Gref's words about the states’ defensive reaction are confirmed by Russian officials. For instance, Vladimir Putin instructed the Government of Russia and the Central Bank to take the issue how to regulate the ICO procedure, how to define the status of cryptocurrency and the taxation of miners. Furthermore, Minister of Finance of the Russian Federation Anton Siluanov called cryptocurrency 'a money surrogate', and then the General Prosecutor's Office and the deputy head of the Russian Central Bank used the same wording.

It’s also noteworthy that German Gref has experience connected with cryptocurrencies. In September, he told how a few years before he bought a T-shirt for 12 bitcoins, which at that time was $5. Since then, the rate of cryptocurrency has increased almost 20 thousand times, and today 12 BTC is equal to $98 thousand.

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