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Sberbank CEO believes that cryptocurrencies will not become an alternative traditional means of payment

While talking to reporters at the Astana Finance Days international conference, Sberbank CEO Herman Gref stated that cryptocurrencies will never replace fiat money. He thinks that the latter will remain a predominant means of payment in future.

“Do I see a prospect of global use of cryptocurrencies as an alternative to fiat money? I don’t see it and I said it many times. I don’t think that the state is ready to yield its centralized role in emission of fiat currency to some other decentralized institutions,” – he said.

Sberbank CEO noted, however, that he does not see any sense in restricting the development of blockchain, cryptocurrencies and other new technologies in the field.

It is noteworthy, that Herman Gref has been advocating this opinion for quite a while already. For instance, back in January 2018, he opposed the idea of banning cryptocurrencies in Russia, because, in his view, such a step would adversely affect the domestic economy.