Herman Gref, CEO of Sberbank the largest bank in Russia has confirmed that the bank will not be developing crypto related services. Reported by local financial publication Banki.ru on the 7th June.
Gref, former minister of economics and trade of Russia gave comments in an interview with the free to air TV Station channel NTV at the Saint Petersburg International Economic Form. He claimed that Sberbank has never had any plans for cryptocurrencies. Instead, the bank would focus on Blockchain and its applications for its services.
The CEO stated that crypto related activities have never attracted a large number of clients within the bank, he also noted that he is glad that the hype of cryptocurrencies had died down but the work with Blockchain remained. He also stated that he sees Bitcoin (BTC) as a “technical instrument for the transaction” rather than a type of investment.
Herman Gref revealed that he had purchased Bitcoin when it was worth only $5 and used it for payment purposes instead of savings, he further stated that some products became too expensive for him as the value of Bitcoin surged to what he called “small fortune”, stating that a part of his Bitcoin holdings was lost along codes.