Head of Russia's Top Bank: the State Will Keep 'Centralized Role' in Money Emission
July 05 2018 - 4:59AM
ADVFN Crypto NewsWire
The CEO of Russia’s largest state bank Sberbank, Herman Gref said he could not yet
foresee governments “yielding their centralized role” in fiat
currency creation as part of his comments on cryptocurrency.
Speaking to reporters during the Astana Finance Days
international conference in the Kazakhstan capital July 4, Sberbank’s Herman Gref repeated the comments he has
made “many times” about cryptoassets’ future role in the
economy.
“Do I see a prospect of global use of cryptocurrencies
as an alternative to fiat money? I don’t see it and I said it many
times,” he said.
“I don’t think that the state is ready to yield its
centralized role in emission of fiat currency to some other
decentralized institutions.”
Gref’s words broadly reflect the ongoing metamorphosis
of cryptocurrency’s regulatory status within Russia. This week sees
the deadline for new legislation becoming law
which cements cryptocurrency as a separate class of asset devoid of
the status of legal tender.
Sberbank has nonetheless begun increasing its crypto
interaction in the run-up to the new regulated era, revealing its plans to launch a
crypto-based investment fund last month.
A week prior, Gref had nonetheless come out bearish,
telling local news outlet Kommersant he “wouldn’t recommend [buying
cryptocurrency] to anyone who does not like playing at a
casino.”
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