International bankers are daily confronted with an eight hundred pound gorilla hogging every conversation, bitcoin. Sberbank’s Herman Gref is begrudgingly accepting of cryptocurrencies in a region openly hostile; Deutsche Bank is dismissive, UBS is cautious, Swiss National Bank is worried, and the European Central Bank views bitcoin as notimpactful. Whatever their statements, they’re no longer claiming ignorance.
Bankers’ Heavy Sigh
“Virtual currencies,” Russian banker Herman Gref of Sberbank began, “are a natural outcome of blockchain technology. We may ban them, we may welcome them. It is trendy to urge people not to play with them. But they are a fact of our life.”
Mr. Gref continued, “Protectionism is just the first reaction of the state. However, both the institution of private money and the states, which will dare to change the way currency is issued, will eventually find a place for cryptocurrencies in the economy,” he said, marking an exceptionally philosophical outlook for some in his position from any region…