russia ban bitcoin

Russia’s Largest Bank Chief Does not Approve of Cryptocurrency Ban

Russia’s largest bank, Sberbank CEO Herman Gref, thinks that cryptocurrencies should not be banned.

The banker went a step further, stressing that cryptocurrencies are yet to be understood and any regulation should be measured and considered, not reactionary.

“Before trying to regulate it, it is necessary to maintain a normal background around the blockchain technology and cryptocurrency,” Gref said. “It is necessary to explain to people that it does not store value, but right now is rather a very dangerous thing, like a lottery or a casino,” he added, presumably referencing the soaring rise in adoption, among retail investors & everyday citizens, and value of cryptocurrencies in 2017.

Gref adds:

“It [cryptocurrencies] should not be banned, as it is a great new technology in development, which no one is yet to comprehend”.