German Gref: cryptocurrencies – source of funding for the development of the blockchain

Ban the use of cryptocurrency is not the best solution for the development of the technology of the blockchain, and to reveal the full potential of the cryptocurrency, said the President of Sberbank German Gref.

He believes the blockchain a very promising technology, which was practiced in the Bank – in particular, there is a special laboratory of the blockchain, which is used in various processes of the business.

«First of all, the blockchain gives the end user the reliability due to the lack in the system of a Central counterparty. Significantly reduced transaction costs, which also reduces the process for the consumer. This technology is very promising for all operations that require confirmation of your rights,» he said.

According to Gref, no state intends to part with the monopoly to issue money, so they do not recognize a decentralized currency, although many do not forbid its use.

«Most governments believes that cryptocurrency is property and like any property, should be subject to taxation. If you bought bitcoins and they have grown in the price you have to pay tax. This, of course, dramatically reduces the attractiveness of the instrument as a means of payment,» – said the head of Sberbank.

Gref said that he sees the cryptocurrency as the only source of funding for the development of the technology of the blockchain.

«In this sense technology is unique as inside it is built in a self-financing method. I think the ban of cryptocurrency is not the best solution for both technology development and to reveal the full potential of the cryptocurrency», – he said.

The financier said that now the cryptocurrency is not, although before buying it – not for speculation, but to understand the technology – what’s her vulnerability, how easy it is and how it can be used in business.

«I changed the bitcoin for traditional currencies – was wondering how to build an exchange mechanism, – acquired the goods. When the currency began to cost thousands of dollars, of course, looking back, you realize how much it increased the price of these goods,» he said.

Gref also advised not to buy cryptocurrency those who do not like to play in a casino, because the cryptocurrency market is very volatile and there can be a lot to lose.

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