Gref offers recommendations to the central bank and government on blockchain

The head of Sberbank, German Gref, again highlighted the promise of blockchain technology and criticised its tight regulation in Russia. He said this at the forum Finopolis.

According to the banker, regulatory restrictions are causing Russia to lose its competitive edge in developing this market.

“The only thing the government can do now is give businesses the opportunity to develop these things — to stay a little behind with the regulatory portfolio, in order to see how this will be applied,” said Gref.

He also added that the withdrawal of powerful foreign companies from the Russian market would have long-term negative consequences for the economy and slow the development of innovations.

As reported in February, the head of Sberbank supported a ban on cryptocurrency payments in Russia.

Earlier, Gref warned that state-level restrictions on digital currencies threaten the development of blockchain and hinder realising the full potential of the technology.

In January 2021, Sberbank applied to the Bank of Russia for registration of a blockchain platform with the subsequent issuance of the Sbercoin stablecoin pegged to the ruble.

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