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Crypto is either a perilous or phony currency, bank CEOs opines

Crypto is either a perilous or phony currency, bank CEOs opines

The two top Russian banks, Sberbank and VTB, are not ready to adopt crypto services any time soon. Their CEOs surmised that cryptocurrency is either not a real currency or full of peril. This opinion was disclosed after the Chief Executive Officer of Tinkoff stated that the central bank was preventing them from operating crypto transactions

Herman Gref, Sberbank CEO, stated that cryptos such as BTC are likely the most unsafe investment alongside with equity market. In an interview with NTV yesterday, he asserted that using a bank deposit is the best credible option since it has little or no peril even though it gives low profit.

Also, in an interview with Bloomberg, the CEO of VTB, Andrey Kostin, argued that crypto is not a real currency. He noted that they are not interested in BTC because they believe it’s fake money that comes without stress. He confidently stated that the central bank digital currencies will replace cryptocurrency, noting that some banks were originally worried about transferring all the control over money to the central bank. It was as if they will lose their business but they have realized that they will still maintain their customers while only the central bank manages and issues cryptocurrency.

It is conceivably not a surprise how the forenamed CEOs are not in support of private digital currencies, since the government of Russia has major controlling power over the two banks.
On Thursday, the CEO of private digital bank Tinkoff, Oliver Hughes, disclosed that the Bank of Russia will not allow it to offer crypto transactions even when customers are demanding it.


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