Russia’s proposed bitcoin ban will hinder blockchain technology’s development in the Russian Federation, according to German Gref, chairman of the board at Sberbank (Russia’s largest bank by assets) and former Economic Development Minister, speaking at the Skolkovo business school Saturday, according to lenta.ru, a Moscow-based news site.
Gref said blockchain is a new web technology comparable to the Internet that has yet to be born. Banning bitcoin will send progress past the Russian Federation’s limits. Blockchain technology experts will have to move to more user-friendly jurisdictions.
Gref admitted to having a small amount of bitcoin at the Finopolis 2015 conference, a forum for financial innovation in the Russian Federation, according to TASS, the Russian news agency.
“I am one of the victims, I have a small amount of bitcoins,” he said at the Finopolis conference, noting that in recent years this cryptocurrency has seriously devalued. “Only one currency in the world has devalued more that the ruble — bitcoin,”