Skip to main content

Ex-Russian Economics Minister Claims Crypto as the Right Model for Money Supply


Image result for free bitcoin pictures

Russia’s former Minister of Economics and Trade, Herman Gref, has spoken out in favour of cryptocurrencies and their transformational nature as a future threat to the financial sector’s status quo.
Gref, who was Russian Economics minister between 2000 and 2007 is CEO and Chairman of the Executive Board of the largest Russian bank Sberbank. In a recent forum, he suggested that over time centralised money supply models would give way to new innovations.
However, Gref did suggest that such change would take time and certainly wasn’t imminent, although he felt that blockchain adoption was a much nearer prospect. Cryptocurrency adoption would, in his view, take another decade before it could offer a challenge to current banking systems, commenting that, as yet“… it’s not likely that any state is ready to part with the centralised money supply model.”
Talking of DLT the ex-minister suggested that the significance of the new technology is starting to find its way into financial systems’ collective sub-consciousness as more applications for it are revealed each day:
“The technology is not ready now. When will it be ready? In my opinion, three to five years. If you ask me in five years, maybe I can say something more distinct about its place, but the potential is huge.”
Gref argued that over-regulation of the cryptocurrency space was a sure and certain way of stifling innovation, suggesting that instead, the technology needs time to develop and grow. It was also refreshing to hear that the CEO is putting his money where his mouth is and applying blockchain technologies to the state-owned financial service provider’s own future plans. In his words, in the aftermath of the hype of 2017, the industry can now benefit from a “balanced consideration and evaluation of this technology.”
It is encouraging to hear a major figure at the helm of a major state financial institution making no mention of money laundering, fraud or of the financing of illegal activity in connection with a discussion on the future of cryptocurrency.

Labels:

Comments

  1. wanishayaden5 March 2022 at 02:20

    The Teton Gold Series - Titanium Holes, Gold
    Teton Gold Series titanium band rings – Titanium Holes, Gold titanium hoop earrings & titanium grey Silver. Teton gold, Silver, Titanium & Steel. titanium money clip Nickel plate - 2017 ford fusion energi titanium Stainless plate - Silver, Titanium & Steel.

    ReplyDelete

Post a Comment

Popular posts from this blog

Blow To Bitcoin As Coinbase CEO Makes Stark Warning

Coinbase CEO Brian Armstrong sits for a portrait in their San Francisco headquarters on May 4, 2018. (Photo by Christie Hemm Klok for The Washington Post via Getty Images) Bitcoin and cryptocurrency adoption rates around the world are growing, but not quickly enough to prevent  the bitcoin price from falling  — and now the chief executive of San Francisco-based Coinbase, one of the world’s largest cryptocurrency exchanges, has warned that widespread, mass bitcoin adoption for payments is going to be a long time coming. The bitcoin price is currently just over $6,000 after falling below the psychological barrier yesterday for the second time this year. The bitcoin price is down some 70% from its highs at the end of last year and many of newer cryptocurrencies that have been created in the last few years have been all but wiped out. The bitcoin price has fallen far from its 2017 highs in recent months. COINDESK “I think it will be quite some time before you cross t
1 comment
Read more

90% of Cryptocurrency Market Facing ‘Extinction-Level Event’: Xapo President

A reckoning coming to the cryptocurrency markets, an “extinction-level event” that’s poised to wipe out 90 percent of the more than 1,800 coins and tokens that aren’t named bitcoin. That’s the prognostication of  Xapo  President Ted Rogers, anyway, who said that the impending altcoin bloodbath will provide discerning investors with an incredible opportunity to load up on  bitcoin  at a discount. “We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now,” Rogers wrote on Twitter. “Meantime, lower BTC price means incredible opportunity to buy more #bitcoin.” Ted Rogers @tedmrogers We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @ CoinMarketCap list will disappear eventually - might as well happen now. Meantime, lower BTC price means incredible opportuni
1 comment
Read more

There Is No ‘Bitcoin’: What the SEC Doesn’t Get About Cryptocurrency

Edan Yago is the founder of  CementDAO , an effort to bring together stablecoins into a unified ecosystem.  He previously was the CEO and co-founder of software firm Epiphyte and helped set up the industry associations DATA and the Stablecoin Foundation.  The views expressed here are his own. —————————- The U.S. Securities and Exchange Commission (SEC) has been gone to significant lengths in an attempt to understand the crypto asset space. This effort is to be applauded. However, the SEC has failed to come to terms with one fundamental aspect of crypto assets and systems. Namely, properly constructed crypto systems do not involve “persons” or “entities” and do not represent a form of property. For this reason, they do not have any analogue in the traditional financial world, nor can they fall under financial regulation. In the traditional financial world, assets are a claim on a specific property. For example, a commodity, shares in a company or a debt owed. Crypto asset
5 comments
Read more