Sberbank is third-largest bank in Europe and the biggest bank in Russia and eastern Europe. They have nearly half a trillion dollars in assets and a workforce of 300,000. The bank is owned by the Central Bank of Russia and it is headed by German Gref, who served as the Russian Minister of Economic and Trade from 2000 to 2007. All this means, that when representatives from the bank speak, the world economies listen.
At the World Economic Forum in Davos Gref said of Bitcoin that “It’s a very interesting global experiment that breaks the paradigm of currency issuance.” He went on that add that he had already made his opinion heard in government circles, by sending letters to the central bank, the finance ministry and to the very top, the Kremlin. In the letters, Gref asked officials to intervene with parliament in order to avert any bans against digital currencies. According to Bloomberg he said an outright ban would be a “colossal mistake”, adding: “It definitely shouldn’t be banned, it must be studied and maybe regulated properly”.
Russia has had a history of driving investments into ground backing technologies with Yuri Milner basically giving a blank check to anyone coming our of Y-Combinator. World economies will be competing over the coming years to archive a position of dominance in the ever changing world economic system that is being jolted by the weakening dollar in relation to debtor nations.
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