Russia's largest bank CEO is a Bitcoin enthusiast

Rage Comment : Sberbank is the largest bank in Russia by assets. The bank's CEO and chairman has publicly expressed support for Bitcoin many times, criticized the government's Bitcoin ban, and actively participated in the exchange of Bitcoin and legal currency. Sberbank is also the main force in the development of blockchain in Russia.

Translation: Annie_Xu

Although the Russian government and officials have been sneering at Bitcoin and digital currencies, and even legislated to crack down on Bitcoin users and miners, executives of Russia's largest bank said they own Bitcoin and exchange it for legal currency.

Herman Gref, CEO and Chairman of Sberbank, the largest Russian bank by assets, has spoken publicly about the advantages of virtual currencies, noting that they will soon penetrate every sphere of society, TASS reported.

Gref revealed his involvement in exchanging digital currencies for fiat currencies during an educational program jointly organized by the bank and Google.

"Nowadays, there are more and more virtual currencies and related exchanges. I have experienced the convenience and pleasure of exchanging them with legal currencies."

"I had some bitcoins, and I wasn't satisfied with their value at the time, so I decided to wait until the value rose to a certain amount and then exchange them for rubles and dollars. Two and a half months later, I noticed an upward trend in the price of bitcoin, so I exchanged them."

Gref called it a game that earns bitcoin gains, and bitcoin is used by professional and non-professional investors around the world as a store of value.

"It's certainly a fun game, but it will soon become part of our lives."

Gref has been vocal about his stance on digital currencies, and has criticized Russia’s proposed Bitcoin ban, arguing that the ban would hinder the development of blockchain technology in Russia.