Sber and VTB, two leading, state-controlled financial institutions in Russia, are not willing to move into the cryptocurrency market in the near future as their CEOs believe that crypto is either too risky or fake money.
Sber CEO Herman Gref said that cryptocurrencies like bitcoin are probably the riskiest type of investment alongside the equity market. In a Thursday interview with local TV channel NTV, Gref claimed that a banking deposit is the best investment option as it is associated with the least amount of risk despite low returns.
Andrey Kostin, the CEO of VTB — Russia’s second-largest bank — went even further: “We don’t like bitcoin. We think it’s like making fake money. Somebody’s sitting somewhere mining and mining like in the Middle Ages and then using them.”
Sber and VTB CEOs blast BitcoinRead More
