Gref advised to “play” with cryptocurrency only for casino lovers

YEKATERINBURG, June 29. /TASS/. The head of Sberbank German Gref advised to “play” with cryptocurrency only for casino lovers because of the high risks associated with high volatility. The head of the Bank said, speaking at the open lecture “New technology trends and models of effective management” in “Yeltsin Center” in Yekaterinburg.

“The volatility (of cryptocurrency – approx. TASS) will continue. We see what is happening. Technology immature, obviously. I recommend to play this currency only for casino lovers. You can win but you can lose” – said Gref.

However, the head of Sberbank noted the prospects of the market of cryptocurrencies in Russia. “These currencies are beginning to find their way, I think that stopping it would be impossible. Moreover, who will deny, he will lose: it’s a huge market,” he said.

Despite early concerns, now the state is moving toward legalization, and the study of the blockchain, which are most popular cryptocurrency, allows you to find new applications of this technology. “Started with bitcoin playing and as a result has played a whole 10 new approaches to the blockchain” – said the head of Sberbank.

Blockchain technology a distributed registry, or a decentralized database. On the basis of its work cryptocurrencies, including bitcoin. The main feature of the blockchain immutability. Posted information about the transaction can neither delete nor edit, since even the smallest edit requires huge computational resources.

During SPIEF -2017 Gref said that blockchain technology still needs 8-10 years to “completely Mature”.