{"id":4377,"date":"2017-10-25T12:04:30","date_gmt":"2017-10-25T09:04:30","guid":{"rendered":"https:\/\/forklog.media\/?p=4377"},"modified":"2017-10-30T13:50:16","modified_gmt":"2017-10-30T10:50:16","slug":"vtb-bank-officials-say-russias-appetite-for-cryptocurrencies-overblown-by-media","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/vtb-bank-officials-say-russias-appetite-for-cryptocurrencies-overblown-by-media\/","title":{"rendered":"VTB Bank Officials Say Russia\u2019s Appetite for Cryptocurrencies Overblown by Media"},"content":{"rendered":"<p>Russia\u2019s appetite for Bitcoin has been overblown by the media, the head of Russian bank VTB International Riccardo Orcel said Tuesday.<!--more--><\/p>\n<blockquote><p><strong>\u201cThere was some speculation that there was some buying coming from Russian investors, but more than these reports, as a bank, we have not seen much in terms of flows,\u201d <\/strong>Riccardo Orcel told CNBC.<\/p><\/blockquote>\n<p>Earlier this month, Russia\u2019s deputy minister of finance Alexey Moiseev <span style=\"text-decoration: underline;\"><a href=\"http:\/\/forklog.media\/russia-seeks-to-limit-maximum-amount-of-purchased-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">revealed plans<\/a><\/span> to introduce limitations to the maximum amount of purchased cryptocurrencies.<\/p>\n<p>It had been reported that the enthusiasm for Bitcoin in Russia had led to a spike in Google searches, patent registrations and even plans for a national cryptocurrency called the CryptoRuble. However, Riccardo Orcel insists he hadn\u2019t seen this level of intensity surrounding the cryptocurrency.<\/p>\n<blockquote><p><strong>\u201cThere was some interest reported in the press but I\u2019ve not seen in Russia a lot of interest in bitcoin, to be honest,\u201d <\/strong>Orcel said.<\/p><\/blockquote>\n<p>Meanwhile, Andrey Kostin, president and CEO of VTB Bank, told CNBC Tuesday that he is \u201ca little bit skeptical\u201d about the use of cryptocurrencies in general.<\/p>\n<blockquote><p><strong>\u201cWe see a lot of high speculation factor in cryptocurrencies and I think it\u2019s dangerous,\u201d<\/strong> he said.<\/p>\n<p><strong>\u201cUntil the governments decide how to regulate this area I think it will be very, very dangerous for investors to invest in cryptocurrencies.\u201d<\/strong><\/p><\/blockquote>\n<p>Nonetheless, the future of banking is in innovative technologies, Orcel said.<\/p>\n<blockquote><p><strong>\u201cClearly fintech is the future for the banking industry. For a country of the size of Russia, clearly having branches around the entire country is just not possible and fintech is the future.&#8221;<\/strong><\/p><\/blockquote>\n<p>Orcel also suggested that there could be some consolidation in the future between banks and high technology firms, as a result.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia\u2019s appetite for Bitcoin has been overblown by the media, the head of Russian bank VTB International Riccardo Orcel said Tuesday.<\/p>\n","protected":false},"author":1,"featured_media":4378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[30,27,411],"class_list":["post-4377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency","tag-russia","tag-vtb"],"aioseo_notices":[],"amp_enabled":true,"views":"79","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4377","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=4377"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4377\/revisions"}],"predecessor-version":[{"id":4379,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4377\/revisions\/4379"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/4378"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=4377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=4377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=4377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}