Sberbank and VTB, the two biggest banks 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.
Sberbank CEO Herman Gref said that cryptocurrencies like Bitcoin (BTC) 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:
“A banking deposit is certainly the most reliable investment instrument. 100% reliability but unfortunately not very high profitability.”
Andrey Kostin, the CEO of VTB — Russia’s second-largest bank — went even further, arguing that crypto is “fake money.” In a Friday interview with Bloomberg, Kostin said:
“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.”
Kostin expressed confidence