The head of the second largest bank in Russia VTB Bank (ПАО Банк ВТБ), Andrei Kostin, compared the mining of cryptocurrencies to counterfeiting and said that this market is unlikely to be large-scale in the future. He expressed such an opinion, speaking in the framework of the “I am a professional” Olympiad-workshop.
“I’m not a big supporter of crypto-ruble. For me, this is some kind of counterfeiting: a person is sitting and mine, the same as sitting and printing money. I think that there was such a euphoria at first, everyone thought that tomorrow everything would be calculated in cryptocurrencies, but this is not happening yet,”
said Kostin. According to the head of VTB Bank,
“there will remain a rather narrow niche in which the cryptocurrency will be used.”
No Mechanism for Regulating the Cryptocurrency
Mr. Kostin believes that there are a number of reasons and a lot of negative factors for this including the fact that there is no mechanism for regulating the cryptocurrency market:
“I’m not saying that cryptocurrency is considered dangerous from the point of view of money laundering, terrorist financing, etc. The global financial system is becoming more and more transparent and bank secrecy has virtually disappeared and offshore companies are disappearing. Today both the Fed and the ECB regulate the market with monetary policy instruments, but this is impossible, there is no mechanism for regulating the cryptocurrency market.The potential threat is, if this market, while small, becomes ity of the dominant”- said Kostin.
The Delay in Adopting Bills
Quite different position was stated a week ago by Russian Official who urged State Duma to hasten digital assets regulation process.
— Crypto_Vibes (@Crypto_Vibes) January 30, 2019
Valentina Matvienko, the member of the Russian Federation Council, instructed Dmitry Mezentsev, head of the upper house economic policy committee, to investigate the reasons for the delay in adopting bills by the State Duma on the use of digital assets in the financial sector and urged to speed up this work.