Top Russian brokers refer to their purposes disliking Bitcoin after Tinkoff’s CEO said that the national bank was preventing it from offering crypto exchanging administrations.
Sberbank and VTB, the two greatest banks in Russia, are not able to move into the digital currency market soon as their CEOs accept that crypto is either too unsafe or counterfeit cash.
Sberbank CEO Herman Gref said that cryptographic forms of money like Bitcoin (BTC) are presumably the most hazardous sort of speculation close by the value market. In a Thursday meet with neighborhood TV channel NTV, Gref asserted that a financial store is the best speculation choice as it is connected with minimal measure of hazard notwithstanding low returns:
“A banking deposit is certainly the most reliable investment instrument. 100% reliability but unfortunately not very high profitability.”
Andrey Kostin, the CEO of VTB — Russia’s second-biggest bank — went much further, contending that crypto is “fake money.” In a Friday meet with Bloomberg, Kostin said:
“We don’t like Bitcoin. We think it’s like making fake money. Somebody’s sitting somewhere mining and mining like in the Middle Ages and then using them.”
Kostin communicated certainty that national bank advanced monetary standards will uproot crypto, expressing that private banks were at first “a bit concerned” about giving all the control over cash to the Bank of Russia.
“The banks were a little bit concerned that the central bank would take their business but I think we’ve found the solution that actually customers will stay with the banks while the cryptocurrency will be controlled and issued by a central bank,” he said.
It is maybe obvious that the previously mentioned CEOs are unsupportive of private advanced monetary forms, as the Russian government — itself no significant advocate of digital currencies — claims major controlling stakes in both Sberbank and VTB.
Recently, Oliver Hughes — the CEO of private computerized bank Tinkoff — reported that the Bank of Russia will not allow it to dispatch crypto administrations regardless of the interest from customers.