Crypto Will Not Replace Fiat But It's All Good

Crypto Will Not Replace Fiat But It's All Good

The CEO of Russia’s state bank Sberbank Herman Gref doesn’t expect cryptocurrency to replace fiat currency anytime soon nor in the future, according to the interview at the Astana Finance Days international conference in the Kazakhstan capital July 4. Grew cannot yet imagine governments “yielding their centralized role” in currency emission.

This week in Russia a new legislation will become a law which defines cryptocurrency as an alternative type of asset devoid of the status of legal tender. According to Pavel Krasheninnikov, the head of the Legislative Work committee, the new law aims to “minimize the existing risks of using digital objects for transferring assets into an unregulated digital environment for legalization of criminal incomes, bankruptcy fraud or for sponsoring terrorist groups.”

Yet, last month Sberbank, together with another large bank Alfa-Bank announced their plans to launch a crypto-based investment fund, thus strengthening Russia’s interaction with crypto.

#russia #law #regulation #cryptocurrency #sberbank #hermangref