Cryptocurrencies may disappear but technology behind them will remain – Medvedev

Cryptocurrencies may disappear but technology behind them will remain – Medvedev
Virtual currencies are a new challenge for governments and businesses and could soon disappear, but the technology they are based on might remain, as happened with the internet, said Russian Prime Minister Dmitry Medvedev.

During his speech at the Gaidar Economic Forum in Moscow, Medvedev said that theorists had predicted the emergence of cryptocurrencies already in the middle of the last century. Nevertheless, digital currencies are a challenge for everyone, including the experts, he said.

“Today, everyone is wondering where’s the end for this ‘cryptocurrency race’. Maybe it’s the dead-end path of the cyber-revolution?” said Medvedev.

He added that he couldn’t completely rule out a repeat of the early 1990s scenario when a large number of new companies emerged due to the developing internet, but later disappeared. The technology itself – the internet – not only remained, but also now plays a key role in our life, according to the Russian PM.

“Similarly, in a few years, cryptocurrencies may disappear but the technology, on the basis of which they evolve, blockchain, will become a part of everyday reality. Such a scenario cannot be excluded,” Medvedev said.

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