The President of the Russian bank VTB stated that Bitcoin is counterfeit money. He sharply criticized Bitcoin.
In interviews with CNBC and Bloomberg TV, Andrey Kostin, president of VTB, the second-largest Russian bank today, said Bitcoin is counterfeit money and compared crypto mining technology to criminals’ money fraud in the Middle Ages. However, he also admitted that the launch of CBDC is important and that Russia will soon start experimenting with digital rubles.
Kostin said Bitcoin is “counterfeit money” because of the mining process, which artisans compare to the Middle Ages when they were able to imitate various currencies while adding that he did not like Bitcoin.
The Central Bank of Russia, we know that it is working on a centralized digital currency. The head of the VTB also shared that next year Russia will start trying the digital ruble. However, this CBDC, issued and controlled by the country’s central bank, could take several more years to launch.
Kostin admitted that the world is moving towards digitalization and that the emergence of digital currencies is inevitable:
“The digital currency will be part of the digital world of the future”
Kostin, however, insists that all this needs to be spread and controlled by central banks, and believes that China is the most developed country in the world.