On January 17, Herman Gref voiced his hope that cryptocurrencies will not be banned in the country.
Gref has enthusiasm regarding cryptocurrencies and their underlying blockchain technology and he said that Russia will see “implementation” of the tech within next eight to ten years and be 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 recent comments, the CEO noticed that there are risks essential in cryptocurrency investment but told that he hopes Russians will nonetheless be allowed access to the technology.
“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 revealed that 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.