Cryptocurrencies Should Not be Banned: CEO of Russia’s Largest Bank

Influential Russian banker and bitcoiner Herman Gref, head of Sberbank, has reaffirmed his position in opposing a ban of cryptocurrencies.

While Russian authorities have considerably softened their previously-hostile stance on cryptocurrencies, the chief executive of Russia’s biggest bank has gone a step further in urging authorities to be patient with decentralized currencies – even with regulation.

Russian authorities and financial officials should be tolerant of cryptocurrencies and blockchain technology, Russian news agency TASS quotes Sberbank CEO Herman Gref as stating. The banker went a step further, stressing that cryptocurrencies are yet to be understood and any regulation should be measured and considered, not reactionary.

“Before trying to regulate it, it is necessary to maintain a normal background around the blockchain technology and cryptocurrency,” Gref said. “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,” he added, presumably referencing the soaring rise in adoption, among retail investors & everyday citizens, and value of cryptocurrencies in 2017.

He went on to add:

It [crypotocurrencies] should not be banned, as it is a great new technology in development, which no one is yet to comprehend.

Gref’s latest comments see the banker doubling down on his position against a ban on any facet of the financial technology – be it blockchain applications or cryptocurrencies…

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