Sberbank Chairman: Bitcoin ban will hinder blockchain’s development in Russia

Regulation | May 24, 2016 By:

Former Economic Development Minister and Sberbank chairman of the board German Gref said that the proposed bitcoin ban will hinder blockchain technology’s development in the Russian Federation.

Gref said blockchain is a new web technology comparable to the Internet that has yet to be born. Banning bitcoin will send progress past the Russian Federation’s limits. Blockchain technology experts will have to move to more user-friendly jurisdictions.

Gref noted the nationalization of the Russian economy has led to disastrous results. He questioned plans to issue money without expecting such action to bring inflation. “We need to learn from our own history,” he said.

Gref admitted to having a small amount of bitcoin at the Finopolis 2015 conference, a forum for financial innovation in the Russian Federation.