Report: Sberbank CEO sees mass use of blockchain in Russia in 2 yrs

MOSCOW, May 30 (PRIME) -- Massive use of the blockchain technology in Russia requires introduction of amendments to legislation and could start no sooner than in a year and a half or two years, while understanding of the idea would take about 10 years, German Gref, CEO of the country’s biggest bank Sberbank, said on Tuesday.

“One should have the technology itself to recommend it for wide exploitation. The technology is still at a very early stage of maturing,” Gref said in an interview with Rossiya 24 television channel.

“Many pilot projects are in progress, and we probably have five various projects, and quite successful ones with interesting results. I think, my horizon of understanding of the technology is 10 years, and we should work with it a lot, experiment and use for different tasks.”

The implementation of blockchain will trigger a revision of the federal law on persona data, he said.

“It is evident that this is one of the ground-breaking technologies, and it will strongly modify all the industries, starting from ours, but it’s a technology of the future yet. Legislation should be adjusted to it, because it has many features,” Gref said.

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