Sberbank’s CEO Says It Will Be 10 Years Before Governments Give Up Centralized Control

Sberbank’s CEO Says That Global Governments Will Be Waiting Another Ten Years Before They Allow Decentralized Systems In

Anyone in the cryptocurrency industry has seen the way that traditional banks and institutions haven’t exactly welcomed them. However, there have been countries around the world that are working on regulatory measures to make their economies more welcome. Sberbank in Russia has been taking action to make cryptocurrency more of an available option, but they have a different view on how the rest of the world will perform.

According to the CEO of Sberbank, Herman Gref, the rest of the governments around the world will not likely “let go” of their current models, which thrive on centralization, for quite a while. Without this departure from centralization, they won’t be able to get all of the benefits that decentralized currency offers.

Based on the report from RIA Novosti on October 18th, Gref said,

“The future of cryptocurrencies is not clear so far as the state will not give up its central role, won’t allow decentralized cryptocurrencies. Though this might be the proper model – as for me, I’m for a distributed model, including in money supply. But it seems like that is not in the cards for the next — well, let’s be optimistic – ten years.”

However, Gref commented that it is important to remain optimistic, saying that the technology itself should be prepared for the world to adapt it within just three to five years. He added,

“The technology blockchain isn’t ready right now. When will it be ready? In my view, in 3-5 years […] Blockchain’s potential is huge. The philosophy embodied in it could drastically change approaches in many areas. Improving this technology could bring huge value both to business and society.”

In the meantime, Gref seems to be pushing for the governments around the world to find a balance between policing the fraud in the industry and taking down cryptocurrencies. With a ban on cryptocurrency, there’s many companies that would suffer, due to the fact that they’ve already established distributed ledger technologies like blockchain.

Many of the comments made by Gref happened during the FINOPOLIS forum, which is hosted in a Russia city named Sochi. This forum also welcomed the head of the Russian central bank, Elvira Nabiullina, who has a much more pessimistic and cynical approach to cryptocurrency. She’s gone as far as to call it a “fever” that consumers are even interested in it. Though Gref maintains a positive stance on the technology of cryptocurrency, he also believes that the initial boost of interest is over.

Sberbank has been working to promote advancements and adoption of the blockchain tech, though it has also demonstrated plenty of interest in the way that they’ve approached cryptocurrency. Along with Sberbank, Alfa-Bank has also begun working on bringing in crypto investment options, which they are testing out for use with retail investors.

To venture into implementing blockchain, Sberbank has taken the initiative to get together with Rossetti in a new partnership that will explore the technology.

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