{"id":30999,"date":"2020-10-30T16:01:17","date_gmt":"2020-10-30T14:01:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30999"},"modified":"2025-08-28T01:01:38","modified_gmt":"2025-08-27T22:01:38","slug":"vtb-president-the-state-will-not-tolerate-cryptocurrency-development","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/vtb-president-the-state-will-not-tolerate-cryptocurrency-development\/","title":{"rendered":"VTB President: The State Will Not Tolerate Cryptocurrency Development"},"content":{"rendered":"<p><span style=\\\"font-weight: 400;\\\">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&#8217;s VTB Bank, Andrey Kostin, in an interview <\/span><a href=\\\"https:\/\/www.rbc.ru\/finances\/30\/10\/2020\/5f9be9949a794769e15dfbdd\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><span style=\\\"font-weight: 400;\\\">\u0420\u0411\u041a<\/span><\/a><span style=\\\"font-weight: 400;\\\">.<\/span><!--more--><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">In his words, it remains unclear how commercial banks will be integrated into the digital ruble system and \\&#8221;how they will be able to sustain their business\\&#8221;.<\/span><\/p>\n<p>\\n<\/p>\n<blockquote>\n<p><span style=\\\"font-weight: 400;\\\">\\&#8221;Doing business is certainly not the Central Bank&#8217;s business,\\&#8221; he said.<\/span><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">Earlier, <a href=\"https:\/\/forklog.com\/en\/news\/nabiullina-the-digital-ruble-could-affect-banks-business-models\"><span style=\\\"font-weight: 400;\\\">the head of the Bank of Russia, Elvira Nabiullina, said<\/span><\/a><span style=\\\"font-weight: 400;\\\"> that the digital ruble could affect banks&#8217; business models.<\/span><\/p>\n<p>\\n<\/p>\n<blockquote class=\\\"wp-embedded-content\\\" data-secret=\\\"ITuTAiTMIH\\\">\n<p><a href=\"https:\/\/forklog.com\/en\/news\/accessibility-and-traceability-how-the-bank-of-russia-sees-the-digital-ruble\">Public accessibility and traceability: how the Bank of Russia sees the digital ruble<\/a><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><iframe loading=\\\"lazy\\\" class=\\\"wp-embedded-content\\\" sandbox=\\\"allow-scripts\\\" security=\\\"restricted\\\" style=\\\"position: absolute; visibility: hidden;\\\" title=\\\"\\u201cPublic accessibility and traceability: how the Bank of Russia sees the digital ruble\\u201d \\u2014 ForkLog\\\" src=\\\"https:\/\/forklog.com\/exclusive\/obshhedostupnost-i-otslezhivaemost-kakim-bank-rossii-vidit-tsifrovoj-rubl\/embed#?secret=N5tk0zAp0N#?secret=ITuTAiTMIH\\\" data-secret=\\\"ITuTAiTMIH\\\" width=\\\"500\\\" height=\\\"282\\\" frameborder=\\\"0\\\" marginwidth=\\\"0\\\" marginheight=\\\"0\\\" scrolling=\\\"no\\\"><\/iframe><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">Andrey Kostin said that, overall, he is not opposed to creating the digital ruble as \\&#8221;some kind of state currency.\\&#8221; He added that he is confident authorities will not allow the development of cryptocurrencies:<\/span><\/p>\n<p>\\n<\/p>\n<blockquote>\n<p><span style=\\\"font-weight: 400;\\\">\\&#8221;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,\\&#8221; noted the president of VTB.<\/span><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">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.<\/span><\/p>\n<p>\\n<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 Andrey Kostin, president of Russia&#8217;s VTB, in an RBC interview.<\/p>\n","protected":false},"author":1,"featured_media":31000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1165,1138,411],"class_list":["post-30999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-digital-ruble","tag-opinions","tag-vtb"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=30999"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30999\/revisions"}],"predecessor-version":[{"id":31001,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30999\/revisions\/31001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/31000"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=30999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=30999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=30999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}