To develop business in the current circumstances, the state needs to “eliminate its fears” and not slow down progress with “regulatory influence,” says German Gref, head of Sberbank. One of the areas where Russia is losing competitive advantage due to restrictions, in his opinion, is blockchain technology.

Gref urged the state to “get rid of fear” and not stop the development of business innovations

“We will objectively develop more slowly. <…> Lest we slow down [нужно] appeal to the state with a request in this difficult time to remove your fears. Because today we are very hampered by the fears of the government and the Central Bank, the regulators”, said Gref in the Finopolis forum (quoted by Forbes).

The head of Sberbank called the “regulatory impact” the “main brake” for the innovation market. Gref pointed out that “where the state begins to regulate, the rhythm [развития] fall sharply.”

One of the areas, according to Gref, where Russia is “losing its competitive advantage due to regulatory restrictions” is blockchain technology. He suggests giving the business room to grow and “being a bit behind on the regulatory portfolio to see how it’s applied.”

The head of the credit agency also described the exit of large foreign companies from the Russian market as one of the most negative consequences of the slowdown in the Russian economy, since, in his opinion, national companies will not be able to maintain the appropriate level of competition.


anastasia mariana

Source: RB

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I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.


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