Crypto Craze is Fading Away Says Russian Bank Head

Nishanth Shetty

October 20, 2018 4:00 pm

Cryptocurrency News

Crypto Craze is Fading Away Says Russian Bank Head | Coindelite News
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The Central Bank of Russia’s head Elvira Nabiullina stated that crypto craze has started to fade away. Elvira was recently a part of country’s fourth FINOPOLIS innovative financial technology forum in Sochi October 17. While speaking at the conference, she signaled the change in the stances of “businesses” towards technologies such as blockchain and ICOs.

Elvira said that the bank is holding the forum for the fourth time and that time. Crypto craze in olden days was very popular, and as the time passed, the crypto craze has begun to fade away. According to her, technologies such as blockchain sparked wild enthusiasm.

Bank of Russia has been enthusiastic about the blockchain technology. The bank started implementations from this year in collaboration with largest majority state-owned bank Sberbank.

Nabiullina said:

“Businesses are trying to cultivate such technologies by finding practical use cases for them.”

Recently, one of the Russian newspapers announced that the Russian Ministry of Defence is launching a research lab. The lab will investigate how blockchain technology can be used to decrease cybersecurity attacks. Alexei Malanov, an antivirus expert at Kaspersky Lab, told the newspaper that blockchain-based platforms can make it more challenging to hide traces of cyber attacks.

The President of Russia Mr. Vladimir Putin also expressed the need of blockchain technology. He also highlighted the fact about how important it is for Russia to make progress in the current development and technological aspects. The discussion took place between Putin and Sberbank‘s President Herman Gref.

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