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Head Of VTB Bank Compares Mining With Forging Money

22:03 06/02/2019
Head Of Russian VTB Bank Calls Crypto Miners Counterfeiters

Andrey Kostin, general director of VTB Bank, compared mining of cryptocurrencies to counterfeiting, and stated that he did not believe in wide adoption of digital money, TASS reports.


According to the head of the major bank, mining cryptos is the same as printing fake banknotes. Kostin added that he does support the digital ruble and that crypto will still be used in a narrow niche. He also attributes the popularity of cryptocurrencies to some euphoria, and emphasizes that the world doesn’t pay in tokens yet, although everyone thought this would be so.


Andrey Kostin named several reasons why digital money cannot yet be widely used. Among them is a danger to the traditional financial system as well as impossibility to regulate the crypto market.


At the time when offshore businesses fade away, and even bank secrecy is disappearing, digital currencies are still associated with money laundering and terrorism financing. As the head of VTB stressed, there is no mechanism for controlling the crypto asset market, and traditional monetary policy instruments of the regulators would not go with it.


Last year, the head of VTB called bitcoin a “fake” and declared its growth is impossible due to governmental regulation.


Previously, the EAEU suggested to learn more about cryptocurrencies.

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