In a new press conference, German Gref, head of Russia’s largest banking power Sberbank, said blockchain technology stands at the beginning of its “industrial development stage” and can’t achieve mass adoption until 2019 or 2020 at the earliest.
“Right now, this is a research and experimental stuff,” Gref said.
Toward the Separation of Money and State
In October 2018, the Sberbank CEO called cryptocurrencies an “accidental and primitive” process of the blockchain technology. Still, he maintained crypto money will be suited for massive usage in the banking, finance, and government sectors.
In Gref’s latest remarks, he stressed that blockchain is robust thanks to what he dubbed as its unique “self-financing mechanism,” which he argued points toward a future wherein governments may no longer need to mint their own tender.
Earlier this year Russia’s comprehensive cryptocurrency legislation passed its first reading in the State Duma, the lower chamber of the Russian parliament, but critics say there’s still much work to be done on the draft law.
Among these critics is Russia’s Association of Crypto Industry and Blockchain. This week, the group put forward a series of liberalizing amendments to the standing draft law, including calls for specific definitions of cryptocurrency payments and cryptocurrency mining.
For now, it’s unclear whether any of the amendments will be embraced in the Duma’s forthcoming second reading.