Recently, according to Russian financial media Banki.ru, Herman Gref, chief executive of the Russian state-owned bank Federal Reserve Bank (Sberbank) confirmed that the bank decided not to develop encryption-related services, and the bank has never had any encryption field. Plan, the bank will now focus on applying blockchain to its services. Gref said he is happy that the hype in the encryption market has passed, but conventional cooperation with blockchain technology still exists. He believes that Bitcoin is a "technical tool for trading," not an investment. He also shared his investment experience in cryptocurrency, revealing that he bought it when Bitcoin was worth about $5 and used it for payment instead of saving.