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Author Topic: [2018/07/04]Head of Russia’s Top Bank: the State Will Keep ‘Centralized Role’. .  (Read 53 times)
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July 05, 2018, 06:15:02 AM
 #1

Head of Russia’s Top Bank: the State Will Keep ‘Centralized Role’ in Money Emission


The CEO of Russia’s largest state bank Sberbank, Herman Gref said he could not yet foresee governments “yielding their centralized role” in fiat currency creation as part of his comments on cryptocurrency.

Speaking to reporters during the Astana Finance Days international conference in the Kazakhstan capital July 4, Sberbank’s Herman Gref repeated the comments he has made “many times” about cryptoassets’ future role in the economy.

“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,” he said.

Gref’s words broadly reflect the ongoing metamorphosis of cryptocurrency’s regulatory status within Russia. This week sees the deadline for new legislation becoming law which cements cryptocurrency as a separate class of asset devoid of the status of legal tender.

Sberbank has nonetheless begun increasing its crypto interaction in the run-up to the new regulated era, revealing its plans to launch a crypto-based investment fund last month.

A week prior, Gref had nonetheless come out bearish, telling local news outlet Kommersant he “wouldn’t recommend [buying cryptocurrency] to anyone who does not like playing at a casino.”

Readmore: https://cointelegraph.com/news/head-of-russia-s-top-bank-the-state-will-keep-centralized-role-in-money-emission

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July 05, 2018, 10:39:35 AM
 #2

The issue with Banks and crypto will be a long-term debate for years. Anyways I think we can both coexist very well if the regulations are set right. Well, the future will clear the air for us.
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July 05, 2018, 10:56:30 AM
 #3

In the financial market there is no such thing that all coexisted peacefully. There is tough competition and the principle of "all or nothing". The Russians will never let go of the opportunity to control the entire turnover of money in the country. All their statements regarding cryptocurrency is a lie. I'm sorry if you didn't understand.

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July 05, 2018, 12:01:36 PM
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The issue with Banks and crypto will be a long-term debate for years. Anyways I think we can both coexist very well if the regulations are set right. Well, the future will clear the air for us.
I do not highly think they can coexist. But they can if both sides have mutual goal which it is not the case nowadays. On the other hand, even if the regulations are set right, people will always resort to the cryptocurrency in which it will become a big threat to banks and then it will break the coexistence. I believe that if people use both crypto and banks, both will manage to coexist. And yes, I hope that the future is as prosperous as we wish it to be.


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July 05, 2018, 08:18:13 PM
 #5

it would be fascinating to see a full crypto society but you'd also have to get rid of governments and countries before it became possible, and governments and countries will always control and issue their own money. since in many places 50% or more of the population is employed or supported by government money that means it's not going away.  

i reckon people who believe fiat will be wiped out are as idealistic/deluded as those who think a pure libertarian society would be a great idea. coexistence is the most likely and most bearable option.

a crypto that was more realistic in economic terms such as a steady emission rather than hard cap might be a different matter.
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July 05, 2018, 08:34:55 PM
 #6

it would be fascinating to see a full crypto society but you'd also have to get rid of governments and countries before it became possible, and governments and countries will always control and issue their own money. since in many places 50% or more of the population is employed or supported by government money that means it's not going away.  

i reckon people who believe fiat will be wiped out are as idealistic/deluded as those who think a pure libertarian society would be a great idea. coexistence is the most likely and most bearable option.

a crypto that was more realistic in economic terms such as a steady emission rather than hard cap might be a different matter.

I think the popularity of libertarian ideas is a good indicator of how adopted cryptocurrencies will be - at the current moment it would be just a few percents. A lot of crypto enthusiasts keep comparing cryptocurrencies and blockchain to the Internet, automobile, lightbulb and other great inventions, but the problem with this comparison is that cryptocurrencies aren't making any great breakthrough, at the current state their user experience is much worse than banks for an average user, and if cryptocurrencies will solve all their problems, they still don't offer anything that could attract the masses - people don't care about centralization and freedom, they just gonna use whatever is the most cheap and convenient.

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July 06, 2018, 05:37:11 PM
 #7

Thus, the head of Sberbank of Russia said that the state will not recognize crypto currency as a legal tender in this country. Apparently, it will have a very small role and any transactions in the crypto currency will be under the strict supervision of the special services. Which in general was predicted earlier. Russia is now a fairly authoritarian country and therefore citizens will not be granted broad rights for its free use, as is done in normal civilized countries. I'm even very interested in how the population will react to the adoption of similar laws on the crypto currency. In a democratic society, this would cause massive discontent and the organization of mass protests. And what will happen in Russia? Will they again quietly swallow another violation of their rights?

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July 07, 2018, 08:28:57 PM
 #8

The issue with Banks and crypto will be a long-term debate for years. Anyways I think we can both coexist very well if the regulations are set right. Well, the future will clear the air for us.

Banks won't be comfortable in a world where fiat and cryptocurrencies co-exist. And since they are in bed with the regulators, they can ensure that regulations don't enable the growth of cryptocurrencies.


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July 07, 2018, 09:31:56 PM
 #9

The issue with Banks and crypto will be a long-term debate for years. Anyways I think we can both coexist very well if the regulations are set right. Well, the future will clear the air for us.

Banks won't be comfortable in a world where fiat and cryptocurrencies co-exist. And since they are in bed with the regulators, they can ensure that regulations don't enable the growth of cryptocurrencies.
This wont really happen no matter what and we should expect these things rather than on believing that government would take into consideration.
If theres regulation, centralization would always matter and all of those things that had been accepted like crypto would always follow into their jurisdiction.
They can be collaborate but there would be always a space or gap between a centralized and decentralized things.


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July 10, 2018, 07:10:25 AM
 #10

Quote
“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,” he said.

But it has already happened.

Bitcoin is serving as an alternative to fiat to people in countries where their fiat currencies aren't necessarily the strongest (suffering from hyperinflation etc.), and also by freelancers and investors as an alternative to fiat.

What he's saying is probably true to them, because let's face it, which central bank would ever want to give up control? Bitcoin probably won't replace fiat altogether, but it'll definitely provide an alternative to fiat currencies which is contrary to what he says.

Heck, they might even come out with their centralized version of crypto. But that's just not the same as decentralized ones like bitcoin, which he is obviously extremely biased about by likening it to a casino, which is clearly a one-dimensional understanding.

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