Cryptocurrency Might Not Replace Fiat as Per The Sberbank’s CEO

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Cryptocurrency Might Not Replace

 There is recent news regarding the CEO of Sberbank of Russia Herman Gref. He has claimed that there is no way cryptocurrencies can replace the centralized system of fiat based economy in the near future. He gave this opinion at the Eurasian Financial conference in Kazakhstan while interacting with media.

When asked about his opinion on the role of cryptocurrency in the financial system of payments and transaction methods, the CEO had replied:

“I don’t think that the state is now ready to give up its centralized role in managing fiat currency to any other decentralized institutions.”

If you view the current scenario, cryptocurrencies are gaining importance in all aspects of the economy as their utility increases rapidly. Also, cryptocurrency has become a buzz in several underdeveloped countries and industries because they are willing to try out blockchain technology. Herman Gref has talked about the world of cryptocurrency and its future despite this growth. He claims to have approached the scene with practicality keeping in mind “real world scenario” to back his point of view.

The CEO has clarified to TASS, a Russian news agency that he has always voiced against regulations that aim to stunt the growth of new technologies. Not only Gref, but media is also approaching a lot of famous leaders for an opinion of cryptocurrency. There was a debate on the similar topic between Peter Schiff and Erik Voorhees. Peter Schiff told the crowd that there is no real life utility for Bitcoin, because of its widespread use in speculative trading. He also said it is a gold rush kind of scenario with Bitcoin.

In another interview, BIS chief openly opposed cryptocurrency and said that the youth should not try to create money. He quoted that Isaac Newton, the famous scientist failed when he wanted to create money “out of nothing”. Even though Newton excelled in science, he could not succeed in this endeavor. While most have attempted to bet and speculate on the future of cryptocurrency, it remains the mystery. Only time will tell whether cryptocurrency can stand the adversity it faces with various established organizations.

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