Russian Bank VTB Head Andrey Kostin Akins Bitcoin Mining To Counterfeiting, Not A Fan Of Crypto Ruble

2019-2-5 22:01

Andrey Kostin The Head Of The Russian Bank VTB Compared Crypto Mining With Counterfeiting

The head of the Russian bank VTB, Andrey Kostin, has compared cryptocurrency mining activities with counterfeiting. The bank is the second largest in the country. The information was released by the Russian news agency TASS on February 4.

During a conversation with students at an educational contest that was organized by the multinational corporation Yandex, he said that he is not a big fan of the crypto ruble, which was going to be the digital asset issued by Russia and linked to the ruble.

About it, he commented:

“I am not a big fan of the crypto ruble. To me, this is a kind of counterfeiting. A person who is mining cryptocurrencies is similar to someone who is printing money. During the initial euphoria, everyone thought that everything can be paid in crypto starting tomorrow, but it hasn’t happened so far.”

He went on saying that the crypto market will be small and also used just by a few individuals. At the same time, he said that the global financial industry is becoming more transparent and offshore holdings are disappearing.

Although there are several regulatory agencies all over the world trying to regulate virtual currencies, Mr. Kostin believes that there is no relevant way to control and regulate digital assets as the traditional market. Additionally, he added that if virtual currencies expand, it can be dangerous.

Olga Dergunova, the board chairman at VTB, does not have the same point of view as Mr. Kosting. She commented that VTB was already ready to work with virtual currencies and that they could eventually be treated in a similar way as fiat currencies in the future.

At the moment, Russia does not have clear regulations related to digital currencies. Even when there is a very large community in the country related to the market. Blockchain technology is also expanding as well. There are several firms that are already using the technology to improve services and products.

Moscow, for example, tested the Ethereum network for the e-voting platform ‘Active Citizens.’ In this platform, Moscow citizens could vote for proposals to improve the city.

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