Dmitry Medvedev: cryptocurrency may disappear, but the blockchain will remain

The technology of the blockchain can become a part of everyday life, while cryptocurrency may disappear in a few years, said Prime Minister of Russia Dmitry Medvedev, speaking at the Gaidar forum.

Competition of private electronic currencies that have arisen due to the blockchain, theorists predicted in the middle of last century, he said. However, the emergence of a number of cryptocurrencies have led to the emergence of new competitive sectors in the economy, «which even before it was hard to imagine» and became a real challenge for governments and business in different countries and for experts.

Prime Minister Dmitry Medvedev:

«We see that there are different approaches to cryptocurrencies, for example, from prohibitive to absolutely liberal. And concern for everyone today the question of where the limit of this «cryptocurrency race»? Actually, maybe it’s a dead-end branch of cyberrevolution?»

In his opinion, it is impossible to «completely eliminate» the disappearance of cryptocurrency that has occurred with a variety of companies that appeared at the dawn of the Internet in the early 90-ies and ceased to exist at the beginning of the two thousandth.

«But the technology, I mean the Internet, it not only survived, but plays in our lives now the key. Similarly, a few years may disappear cryptocurrency, and the technology on which these cryptocurrencies are developing, I mean the blockchain will become a part of everyday life», – concluded Medvedev.

Imminent and inexplicable disappearance of the cryptocurrency has now become a fashionable topic among officials and members of the older generation of financiers. They really want this irritant, dangerous for their usual way of life, itself suddenly disappeared without any consequences and effort on their part.

However, as with the Internet, that doesn’t happen, the new technologies will inevitably come to replace the outdated, and the cryptocurrency did not go away. It is naive to think that people willingly give up those benefits of cryptocurrency, and that a technically advanced users have already experienced in everyday life. Sooner or later centralized and unreliable currency Central banks will be forced to switch to new technologies.

«The technology of the blockchain», that is one of the types of distributed data storage, which is admired by all those speakers, based on a long and successful guidelines, has a purely utilitarian function and sufficiently narrow in scope. It is the blockchain was created to ensure the operation of the world’s first cryptocurrency — bitcoin, not bitcoin «appeared on the» blockchain.

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