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

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

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 o...
5 comments
Read more

Fidelity Confirms Crypto Rumors, Recognizes Potential Of Bitcoin

Fidelity’s Crypto Platform In “Final Testing” The broader crypto industry was shocked on  mid-October , when Fidelity Investments, a Boston-based investment giant with tens of thousands of clients, and similarly impressive assets under management, revealed that it would be launching a pro-Bitcoin crypto platform. This platform, now known as Fidelity Digital Assets Services (FDAS), headed by Tom Jessop, was marketed as a way for Fidelity’s 13,000 institutional clients to gain access to top-of-the-line cryptocurrency custody and trade execution. While many were caught off guard by this announcement, Jessop explained in an  interview  with Laura Shin, a leading crypto journalist, that Fidelity’s Bitcoin ambitions started in 2014, when the company began to research and even test the flagship cryptocurrency. Rumor has it that Fidelity also set up a semi-mining farm, likely in a bid to understand blockchain technology more in-depth. And eventually, after years of exper...
3 comments
Read more