Russia: State Will Keep “Centralized Role” in Money Emission


Herman Gref, the CEO of Russia’s largest state bank said as part of his comment that he could not yet tell if governments will “yield their centralized role” in fiat currency creations. In other conferences, Gref reiterated the comments he has made “many times” about cryptoassets’ future role in the economy.

“Do I see a prospect of global use of cryptocurrencies as an alternative to fiat money? I don’t see it and I said it many times,” he said.

Gref’s words reflect the ongoing metamorphosis about cryptocurrency’s regulatory status within Russia. This week sees the deadline for new legislation becoming law which solidifies cryptocurrency as a separate class of asset devoid of the status of legal tender.

Sberbank has nonetheless started to increase its crypto interaction in the run-up to the new regulated era, revealing its plans to launch a crypto-based investment fund last month.

A week prior, Gref had nonetheless come out bearish, telling local news outlet Kommersant he “wouldn’t recommend [buying cryptocurrency] to anyone who does not like playing at a casino.”



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