The CEO of Russian state-controlled lender Sberbank has described cryptocurrencies as “immature and overvalued,” adding that their tremendous popularity has resulted from attractive investment opportunities offered by these digital assets, TASS news agency reports.
German Gref shared his views on cryptocurrencies and blockchain technology during a public lecture in the Moldovan capital Chisinau earlier this week.
“People view cryptocurrencies as a chance to make fast and easy money, which attracts new crypto followers and creates the “hype” around virtual currencies. As for blockchain technology, it is not yet mature enough to be called a game-changer,” Gref told his audience. He had previously said that it might take years before blockchain is adopted at scale in Russia.
Earlier this week, the Russian government has demanded lawmakers make several alterations to the country’s forthcoming cryptocurrency regulation before it becomes law in July.
A summary of comments made after the first reading of the ‘Bill On Digital Financial Assets,’ shows the Kremlin eager to enshrine foreign investor access to future Russian token releases, as well as produce clear tax obligations for cryptocurrency holdings from the outset.
Last year, suggestions even appeared from politicians trying to ban access to crypto altogether for regular Russians, something which President Vladimir Putin himself later indicated was not what he wanted.
Meanwhile, it remains to be seen what specific effects the new package of laws will have on the country’s fledgling consumer crypto market.