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CEO of Sberbank: Blockchain tech will be ‘ready’ in 3-5 years

German Gref: Blockchain tech will be ‘ready’ in 3-5 years

CEO of Sberbank German Gref believes that the governments of most countries will not abandon the centralized models in favor of decentralized crypto currency in the next 10 years.

According to Gref, the government is not ready to refuse from centralized currencies, therefore, will not allow mass adoption of decentralized digital coins. He said:

"The future of cryptocurrency can not yet boast of clarity because the government had not abandoned its Central role and won’t allow decentralized cryptocurrencies.Though this might be the proper model — as for me, I’m for a distributed model, including in money supply. But it seems like that is not in the cards for the next — well, let’s be optimistic – ten years."

At the same time, Gref said that blockchain technology has a bright future. He is confident that this technology which has great potential, will be “ready” in a much shorter time period — 3-5 years:

"The philosophy behind this technology involves fundamental changes in many areas. Gradual improvement of the blockchain technology can bring huge benefits both business and society."

Speaking at finance innovation forum Finnopolis in Sochi, Gref called on the government to more carefully deal with fraudulent activity in the cryptocurrency space. In his opinion, the imposition of restrictions on cryptography may adversely affect the activities of many companies using the distributed ledger technologies.

At the same forum was attended by head of the Russian Central Bank, Elvira Nabiullina, who, unlike Gref, expressed a very skeptical attitude towards cryptocurrencies. She compared the massive interest in them to a "fever" that has finally subsided. Gref has partially shared the views Nabiullina, stating that the cryptocurrency "hype" is over.

It is noteworthy that the Sberbank has also consistently promoted blockchain-based technologies and generally shown interest in cryptocurrencies. In June of this year, Sberbank and one of the largest Russian Bank, Alfa-Bank, began testing the investment opportunities of crypto-currencies for retail investors within the central bank’s “regulatory sandbox”. In October, Sberbank and the largest Russian power grid company "Rosseti" signed a partnership agreement of the use of blockchain technology.


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