Earlier this week, the CEOs of two of Russia’s largest banks shared their thoughts on Bitcoin.
According to a report by Cointelegraph, during a recent interview with local TV channel NTV, Sberbank CEO Herman Gref called Bitcoin “probably the riskiest type of investment alongside the equity market”.
Gref said that although putting money in a bank does not give you a high return, it is extremely safe:
A banking deposit is certainly the most reliable investment instrument. 100% reliability but unfortunately not very high profitability.
And Andrey Kostin, CEO of VTB, which is Russia’s second-largest bank, offered a similar opinion during an interview with Bloomberg:
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 told Bloomberg he believed central bank digital currencies (CBDCs) would eventually replace non-sovereign cryptocurrencies, despite concerns by private banks over giving further power to Russia’s central bank:
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.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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