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“We Don’t Like Bitcoin”: President of Russia’s Second Largest Bank


u.today 04 June 2021 11:52, UTC
Reading time: ~2 m

In the interviews to CNBC and Bloomberg TV given today, the Chairman and president of the second biggest Russian bank – VTB – Andrey Kostin has stated that Bitcoin is fake money and compared the crypto mining technology to the way criminals forged money back in the Middle Ages.

However, he admitted that the launch of CBDC is important and Russia is going to start digital rouble trials soon.

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“Bitcoin is fake money”

Kostin believes that Bitcoin is “fake money” due to the mining process, which he compared to the Middle Ages when craftsmen were able to forge various currencies.

He added that he does not like Bitcoin, however, the issue of making centralized digital currency by the Central Bank of Russia is relevant and a special task team has been set to discuss it.

The head of VTB shared that as early as next year, Russia is going to start trialling digital rouble. However, it may take another couple of years to introduce this CBDC issued and controlled by the central bank of the country.

“Digital currency will be part of the future digital world”

Kostin admitted that the world is moving towards digitization and the emergence of digital currencies is inevitable.

However, he insists that those should be emitted and controlled by central banks. In this respect, he believes China to be the most developed country in the world.

China has also been clamping down on cryptocurrency mining for environmental reasons and making miners leave the country.

As covered by U.Today earlier, other countries are also studying the matter of launching digital analogues of their national currencies – Japan, Europe, Switzerland, the US, etc.


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