Gref assessed the prospects for Facebook cryptocurrency in Russia

The Libra cryptocurrency, which Facebook plans to release, will most likely not be used in Russia, believes German Gref, chairman of the board of Sberbank, Interfax reports.

Gref argued his opinion by the fact that many Russian players had plans to issue their own cryptocurrencies, the agency adds. In Libra, as in other stablecoins (cryptocurrencies backed by traditional currencies), Gref does not see a threat, unlike traditional digital currencies, including Bitcoin.

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• The Libra cryptocurrency, which Facebook introduced in the summer of 2019, is supported by a basket of traditional currencies. The company hopes that this will give Libra less volatility compared to traditional cryptocurrencies.
• The financial regulators of the EU and the US were wary of the new cryptocurrency. The European Commission, for example, launched an antitrust investigation into Libra.
• The project was initially supported by large companies, including payment systems. After claims against Libra by regulators, Visa and MasterCard thought about further participation, but PayPal refused .