Digital Currencies Should Not be banned in Russia

The head of one of the largest Russian bank, Herman Gref, has reaffirmed his position in opposing a ban of digital currencies. even as Russian government have notably softened their formerly-opposed stance on digital currencies, the chief executive of Russia’s largest bank has gone a step further in urging government to be patient with decentralized currencies, regardless of regulation.

Russian government and economic officials should be tolerant of digital currencies and blockchain, Russian information agency TASS quotes Sberbank chief executive Officer Herman Gref as mentioning. The banker went a step further, stressing that digital currencies are yet to be understood and any regulation need to be measured and taken into consideration, not reactionary.

Herman Gref

Herman Gref stated:

“Earlier than trying to regulate it, it is important to keep an ordinary background across the blockchain and digital currency. it is important to explain to people that it does not store of value, but right now is instead a totally risky thing, like a lottery or a on line casino. It digital currencies have to not be banned, as it is a fantastic new technology in development, which nobody is yet to realize.”

Gref’s modern feedback see the banker doubling down on his position towards a ban on any aspect of the economic technology be it blockchain programs or digital currencies. In middle of 2016, amid the Russian finance ministry’s try to introduce a bitcoin ban bill that criminalized bitcoin adopters, Herman Gref noted keeping a small quantity of bitcoin and opposing the bill. However, time, Russia’s finance ministry proposed a prison sentence as much as seven years for bitcoin adopters.


Later those 12 months, Herman Gref even found out he was buying and selling bitcoin with fiat, back and forth. This was a terrific pleasure and a pleasant game but soon, it’d be their whole life, as Herman Gref noted at the time, addressing an audience throughout an educational venture among Sberbank and Google.

Sberbank, which lately opened a special blockchain lab in Russia, is considerably a member of the largest blockchain consortiums within the Ethereum Enterprise Alliance and the Linux foundation-led Hyperledger venture, operating organizations working to leverage open-source blockchain technology in organization and business programs. A 12 months in the past, the banker bullishly anticipated the advent of industrial blockchain programs within the subsequent year.


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