VTB chief does not rule out private investors turning to Bitcoin

Restrictions on the Russian stock market could spur an outflow of individual investors into cryptocurrencies. This, reports TASS, citing a statement by VTB head Andrey Kostin.

The banker recalled that after the central bank’s restrictions on the purchase by individuals of complex investment products, sales have been suspended until April 2022. As a result, investors lost the opportunity to buy even VTB bonds, ‘fully capital-protected, gold-linked, which are absolutely reliable from the client’s point of view’.

According to Kostin, the bans will push investors to seek alternatives to the Russian securities market in ‘less comprehensible, less transparent and less reliable products’. Among these alternatives he named gold, the dollar and Bitcoin.

Kostin urged the central bank to maintain a balance between regulation and market development:

“We believe it is important to maintain an optimal level of regulation and gradually expand the range of instruments available for investment,” he added.

In the past, the head of VTB has already spoken negatively about Bitcoin, calling it a ‘fake currency with no future’.

Since 1 January 2021, the Bank of Russia has set a limit on acquiring ЦФА by individuals not classified as qualified investors, at 600,000 rubles per year.

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