Sberbank’s CEO says, Cryptocurrency may not replace fiat

Recently, yet another speculation was made by the Sberbank of Russia’s CEO Herman Gref. According to him, cryptocurrencies may not replace the centralized system of the fiat based economy anytime soon. His opinion came to light at the Eurasian Financial Conference in Kazakhstan during his interaction with the media.

On being asked of cryptocurrency’s role in the system of transactions and payment methods, the CEO said:

“I don’t think that the state is ready to yield its centralized role in emission of fiat currency to some other decentralized institutions.”

Cryptocurrencies are gaining significance as their use spreads wider. More so, blockchain’s popular demand in several industries and underdeveloped countries is also promoting a cryptocurrency buzz. Despite this, Herman Gref has approached the world of cryptocurrency and its future with much practicality and kept in mind the ‘real-world’ scenario to back his views.

According to TASS, a Russian news agency, the CEO has also clarified that he has always been against restrictions that hinder the growth of new technologies.

Gref is not the only popular voice that has been sought by the media for his opinion on cryptocurrency. Recently enough, Soho Forum conducted a debate on a similar topic between Erik Voorhees and Peter Schiff. Here, Peter Schiff said to the crowd that he does not believe in Bitcoin’s real-life utility, as it is widely used for speculative trading. He had also mentioned cryptocurrency as a ‘gold rush’ scenario.

In another remark, BIS Chief recently opposed the idea of cryptocurrency and told the youth that they should not try to ‘create money’. He cited the famous scientist Isaac Newton, saying that even he tried to create money ‘out of nothing’ and failed. He added that Newton excelled in many diverse fields but failed at this one thing.

During the course of time, many have attempted to speculate and bet on the fate of cryptocurrency, but the subject still remains an intriguing mystery.

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