Sberbank CEO Says He Does Not See 'Global Use of Cryptocurrencies' as Fiat Money Alternative

Sberbank CEO Herman Gref has once again repeated his stance on cryptocurrencies and how it will not replace fiat money. Gref spoke at the Astana Finance Days international conference held in the Kazakhstan capital on July 4, Cointelegraph reported.

Aside from his previous point, the Sberbank CEO also said that governments will not yield their centralized position regarding the generation of fiat currency to other, decentralized organizations. However, despite this negative sentiment from its CEO, Sberbank recently partnered with Alfa Bank – another leading financial firm in the country – to develop a cryptocurrency portfolio for their clients.

The new service will allow both banks to offer a special account to their clients, allowing them to trade digital currencies in major exchanges. Ana Ivanchuk, deputy chair of Sberbank Private Banking, said that they want to provide their customers with a transparent way to participate in the crypto market and invest in the digital currency of their choice.

While blockchain and cryptocurrency are slowly being adopted by the nation, Russian President Vladimir Putin remains reserved with his opinion regarding both innovations. But the silent air that is exuded by the controversial leader could not be taken as indicative of reluctance if one is to look at the blockchain programs that are being developed by the country.

Just this week, the country announced the development of a lab that will spearhead the creation of a blockchain-based system that will increase Russia’s defense against cyber attacks. The research laboratory is poised to look into the inception of an intelligent system that will protect locations considered as highly valuable. Russia has already brought in data security professionals as part of the first phase of this initiative.

As for the Sberbank CEO, Gref is also a cryptocurrency critic and has said in the past that investors who don’t like to play in casinos shouldn’t involve themselves in crypto trading either. But crypto detractors such as Gref were deemed mistaken by a recent EU Parliament report, which shows support to the rising alternative currencies.