“Do I see a great future in cryptocurrency? Not yet seen, the state will not give up its centralized role, will not allow cryptocurrency,” stated the Herman Gref, the former Russian minister of economics and trade and the current CEO of Russia’s largest bank, Sberbank.
The statement was made while speaking at the Finopolis forum on innovative financial technologies. His expectation is that nation states will seek to restrict the influence of cryptocurrency in the near term.
However, Gref is optimistic about the longer-term outlook for cryptocurrencies. He stated: “I’m optimistic about 10 years. Maybe 10 years will be visible beyond the horizon, but so far it’s not likely that any state is ready to part with the centralized money supply model.” Gref also stated that he is in favor of “a distributed model [regarding] money supply,” adding: “maybe [cryptocurrency] would be the right model.”
According to the former minister of economics and trade, the technology backing up cryptocurrencies will need another five years to develop, he stated. Gref also stated that he is in favor of “a distributed model [regarding] money supply,” adding: “maybe [cryptocurrency] would be the right model.”
He predicts a transformative effect of cryptocurrencies on “business and society”, once the technology has matured. He stated: “Improving technology will give a huge value for business and society. Now the hype has ended and a more balanced consideration and evaluation of this technology have begun. We are developing and are experimenting with technology. I see that, in particular, in the financial sector and in public administration this technology has great prospects.”
He believes that the recent cooling around the happenings in the crypto markets is a positive sign for the maturity of cryptocurrencies. He stated: “It is important between the murder and the rise of speculation to find the golden mean, which will allow you to quietly develop the technology.”