The head of Sberbank German Gref called cryptocurrencies a by-product of the development of blockchain technology and urged not to interfere with this process.

Talking to reporters on the sidelines of the forum Astana Finance Days in the capital of Kazakhstan, President of Russia’s largest Bank said

“You know, I have always advocated that to try in any case not to restrict the development of new technologies, in particular, the blockchain technology. Because cryptocurrency is a byproduct of the development of critical blockchain technology”.

German Gref has previously expressed concerns that a rush to regulate cryptocurrency, or a ban can harm the development of the new technologies on which they are based. While the blockchain technology he called “is immature” and relegated to its introduction in Russia is 8-10 years.

Headed by Gref, the Bank is actively involved in studying the blockchain, the development and implementation of solutions based on new technologies. Sberbank is a party to the blockchain of Ethereum consortium Enterprise Alliance implements joint projects with the Federal Antimonopoly service, Federal registration service, Alfa-Bank and others.

We will remind that consideration of the State Duma of Russia is now three bills that should regulate the cryptocurrency market and ICO in the country. The documents have already passed the first reading. Earlier, the head of the financial market Committee of the state Duma Anatoly Aksakov said that they can take until the end of the spring session of the Parliament, but he recently said that their adoption can migrate in the fall because of the “complexity”.