The CEO of Qiwi: Banks become an atavism
Cryptocurrencies become competitors to traditional transactions which will be replaced in the future. That’s what the general director of the Russian payment service Qiwi, Sergey Solonin stated recently.
According to Solonin, who is one of the investors in the upcoming TON platform, he was ready to invest much more in the project, but the amount was limited to only $ 17 million.
“I was ready to invest $ 50 million, and took only $ 17 million, because the queue of investors was very large. As a result, they (the TON team) collected the applications, and then they cut off many of them. Moreover, there were left out more Russians than foreigners, ” the head of Qiwi said.
The main potential problem of TON Solonin considers the uncertainty in the legislative environment for such systems.
“The future of the product will depend on the interactation with the regulators,” the entrepreneur noted.
At the same time, he believes that the emergence of such payment systems is inevitable, as banks gradually become a thing of the past.
“I look at banks as an atavism. The bank are the ones that needs regulators, not people. People need services.”
In addition, Solonin is convinced in the further development of the
“Cryptocurrencies are the future. Of course, the state will resist, because the topic is unknown. Regulators do not know how the technology will work and what risks it might create,” said the general director of Qiwi.
He also noted that in the future, digital currencies will compete with
cash settlements and will eventually replace them.