The CEO of Sberbank asks the Russian government not to ban cryptocurrencies

The CEO of Sberbank, Herman Gref, urged the Russian government to desist from the ban on access to cryptocurrencies for its people.

On January 17, Herman Gref, the CEO of Sberbank, Russia's largest bank, expressed his hope that cryptocurrencies are not banned in the country.

Gref has appeared enthusiastic about virtual currencies and their underlying blockchain technology in the past, predicting that Russia would see the "implementation" of technology in eight or ten years and call digital assets "a fact of our life" in November. 2017. Sberbank also announced the pilot of a blockchain-based payment system that same month.

In his most recent comments, the CEO acknowledged that there are risks inherent in investing in cryptocurrencies, but he said he expects Russians to have access to the technology, taking into account its transformation potential:

"Before trying to regulate it, it is necessary to maintain a normal background around blockchain technology and cryptocurrency. It is necessary to explain to people that it does not store value, but at this moment it is quite dangerous, like a lottery or a casino. It should not be banned, as it is a great new technology in development, that nobody can still understand. "

In October 2017, Russian President Vladimir Putin instructed members of his government to prepare legislation to regulate cryptocurrencies, which Deputy Finance Minister Alexei Moiseev recently planned for the end of February 2018.

Each country in which the use and trade of cryptocurrencies is allowed is a step forward for the ecosystem. If this decision is put in place, it could be a breakthrough in the world of cryptography, since Russia is not the only country that plans to ban the trafficking of digital assets.