VTB chief: Bitcoin is fake money

Andrey Kostin, chairman of VTB Bank, said he does not like Bitcoin and regards cryptocurrency as fake money. In an interview with Bloomberg, he explained this.

«We don’t like Bitcoin. We think it’s like making fake money,» says VTB Bank President Andrey Kostin https://t.co/RZE8CY60eB pic.twitter.com/KVrW7dcdSF

— Bloomberg TV (@BloombergTV) June 4, 2021

“Someone somewhere is mining money — it’s as if in the Middle Ages,” he said.

According to Kostin, central bank digital currencies issued by central banks could become an alternative to cryptocurrencies. As an example, he cited the digital yuan and the Bank of Russia’s contemplated initiative to issue a digital ruble.

Earlier, Kostin said that governments will not permit the development of cryptocurrencies, and he compared mining to counterfeiting.

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