Russian Financiers Report Decrease of Interest in Cryptocurrencies

Published on 19 Oct. 2018
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The cryptocurrency rush that has overwhelmed the Russians is dying away. The Russian bankers sounded their opinion on the fourth forum of innovative banking technologies Finopolis.

We are carrying out the forum for the fourth time. We consider that during this period, the cryptocurrency rush that overtook the Russians has decreased,

- Elvira Nabiullina, the head of the RF Central Bank said.

Nabiullina stated that the development of financial technologies was possible only with the participation of big market players since it required sufficient investments.

She also added that digital finances had been already widely accepted. And the Central Bank had to find the regulation balance not to shut the door on the innovative financial technologies and not to miss the possible risks.

Even though the RF legislation does not regulate the work of cryptocurrency terminals, in September, Central Bank initiated the withdrawal of the BBFpro cryptomats.

The head of Sberbank, German Gref, well-known for his optimism concerning blockchain technologies and cryptocurrency space, recently has sounded skeptical as well.

Do I see the big future for cryptocurrencies? It doesn’t seem like that at the moment. The state won’t give up its centralized position, won’t admit cryptocurrencies. However, it may look like an appropriate model. I’m positive about the distributed model, including money supply. But I guess that even being optimistic, the perspective is unreal for the next ten years. Maybe later, things would get better, but right now it doesn’t seem that the state is ready to let go the centralized model of the money supply,

- he said.

But the head of Sberbank mentioned that the blockchain technology which served as the basis for the digital currencies was the technology of future. It provided vast possibilities even if it was not ready for use to the full extent at that moment.

Back in spring, he stated that cryptocurrencies were immature and overestimated technology.

German Gref added that he had feared the prohibition of cryptocurrency circulation might affect multiple companies that were developing distributed ledger technology. The society didn’t invest much in the technology development, so the industry had to finance itself.

Gref’s opinion may be backed up by the disposition of the Russian government concerning cryptocurrencies. At the beginning of September, Russia expressed the possibility of adopting more strict laws on cryptocurrency regulation.

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