Head of major state-owned Russian bank Sberbank has forecast that Blockchain adoption will happen on an industrial scale in one to two years

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.

Mass Adoption Only After Industrial Adoption?

In the press conference, Gref noted Sberbank is testing its own blockchain-based solutions but that the technology isn’t ready yet for mainstream deployment.

As such, Gref said blockchain’s adoption tipping point is likely “one or two years” away.

“Right now, this is a research and experimental stuff,” Gref said.

“The hype around the technology has come to an end, and now it’s time for the stage of industrial development. The technology will require one or two years to be able to launch out on big scale.”

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.

The CEO first made waves in the cryptoverse in 2017 after arguing that bitcoin and blockchain could ultimately “destroy banks.”

Crypto Laws A’Comin’ In Russia — Will They Be Too Strict?

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.

Also read: lt will take “weeks, if not months” to repair the “technical damage” caused by the recent collapse of Bitcoin

Source: https://bitsonline.com/sberbank-ceo-blockchain-industrial/