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The two biggest banks of Russia are not willing to move into the cryptocurrency market.

The two biggest banks of Russia are not willing to move into the cryptocurrency market

The CEOs of top Russian banks Sberbank and VTB are blasting Bitcoin. Tinkoff CEO said that the central bank was stopping it from offering Crypto trading services. Moreover, the bank CEOs are stating this as a reason for not liking Bitcoin.

Sberbank and VTB

Sberbank and VTB are the two largest Banks in Russia. Herman Gref is the CEO of Sberbank. He said that the cryptocurrencies like Bitcoin are probably the riskiest type of investment alongside the equity market.

Best Investment

He claimed that a banking deposit is the best investment option associated with the least amount of risk despite low returns during an interview with a local TV channel.


Andrey Kostin, the CEO of VTB, said in an interview with Bloomberg on Friday that cryptography is fake money. In addition, she said that they don’t like Bitcoin because it’s like making fake money where somebody is sitting somewhere mining and mining like in the middle ages and then using them.

Displace Crypto

He also expressed confidence that Central Bank digital currencies will displace Crypto. Moreover, it stated that the private banks were initially a bit concerned about giving all the power over money to the bank of Russia.

Central Bank

He also added that the banks were concerned that the central bank would take their business. However, they found a solution that helps customers stay with the banks while the cryptocurrency will be controlled and issued by the central bank.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.