VTB President: The State Will Not Tolerate Cryptocurrency Development

The introduction of the digital ruble risks shifting part of banking business from banks to the Bank of Russia, so the possibility of its issuance requires regulatory work with the regulator. This was stated by the president of Russia’s VTB Bank, Andrey Kostin, in an interview РБК.

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In his words, it remains unclear how commercial banks will be integrated into the digital ruble system and \”how they will be able to sustain their business\”.

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\”Doing business is certainly not the Central Bank’s business,\” he said.

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Earlier, the head of the Bank of Russia, Elvira Nabiullina, said that the digital ruble could affect banks’ business models.

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Public accessibility and traceability: how the Bank of Russia sees the digital ruble

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Andrey Kostin said that, overall, he is not opposed to creating the digital ruble as \”some kind of state currency.\” He added that he is confident authorities will not allow the development of cryptocurrencies:

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\”The existence of a digital currency that is unregulated and is the private business of everyone who mines will end someday, because the state will never tolerate its development as a parallel financial system,\” noted the president of VTB.

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Back in 2017, Kostin said he did not believe in cryptocurrencies. He also argued that investing in them was dangerous, and that miners were akin to counterfeiters.

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