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Homepage / News November 27, 2017 294 views

Russia’s VTB Bank’s CEO “Very, Extremely Harmful to Invest in Cryptocurrencies”

Russia’s VTB Bank’s CEO “Very, Very Hazardous to Invest in Cryptocurrencies”

Russia’s VTB Bank's CEO

Emerging Markets

Many Russian analysts have made comments relating to bitcoin and cryptocurrencies in recent weeks. German Gref, the head of Sberbank, has stated that cryptocurrencies are becoming a element of daily life in Russia, whereas as the head of VTB International, Riccardo Orcel, has stated that Russian interest in bitcoin has been overblown by the media. In other news, Etoro analyst, Mikhail Maschenko, discussed the expanding perception of bitcoin as a hedge against the classic monetary markets among expert investors.

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Cryptocurrencies “Are a Fact Of… Life” – Head of Sberbank

Russia’s VTB Bank's CEO German Gref, the head of Russian state bank Sberbank, has discussed the growing recognition of bitcoin in Russia. Speaking at a meeting of the Russian entrepreneurs association, Mr. Gref stated that “Virtual currencies are a all-natural outcome of blockchain technologies. We may possibly ban them, we may possibly welcome them. It is trendy to urge men and women not to play with them. But they are a truth of our life,” Gref mentioned at a meeting of the Russian entrepreneurs association.

Mr. Gref warned against Russia searching for to prematurely prohibit bitcoin, emphasizing that cryptocurrencies will comprise an enduring phenomena, and that the growing cryptocurrency economy will afford considerable possibilities to Russian firms. “Protectionism is just the very first reaction of the state. Even so, both the institution of private money and the states, which will dare to adjust the way currency is issued, will eventually find a place for cryptocurrencies in the economy,” said Mr. Gref.

Russian Investors Use Bitcoin as Hedge Against Traditional Markets

Analysts Discuss Bitcoin in RussiaSpeaking with RT, eToro analyst, Mikhail Maschenko, has discussed increasing interest in cryptocurrencies on the part of skilled investors. Mr. Maschenko stated that “The demand for bitcoin is expanding as the crypto market has become much less volatile, and an rising number of professional investors see it as insurance coverage.”

Mr. Maschenko expressed optimism with regards to bitcoin’s short to medium term outlook, stating “We could see a bitcoin at $10,000 in a month or so. Even so, such a surge will be based on emotions, not on fundamental variables. So, further growth of the cryptocurrency will call for one thing a lot more than euphoria… LedgerX launched its initial extended-term alternatives for bitcoin, with an expiration date of December 28, 2018. In the coming months, we will continue to see the ‘domestication’ of bitcoin: the Chicago Board Alternatives Exchange and the Chicago Mercantile Exchange are planning to launch tools primarily based on the cryptocurrency in the near future.”

VTB Bank Is Skeptical of Bitcoin’s Recognition in Russia

Analysts Discuss Bitcoin in RussiaRiccardo Orcel, the head of Russian bank VB International, has played down the popularity of bitcoin in Russia – describing such as overblown by the media. In an interview with CNBC on Tuesday, Mr. Orcel said “There was some speculation that there was some acquiring coming from Russian investors, but much more than these reports, as a bank, we have not observed significantly in terms of flows.There was some interest reported in the press but I’ve not seen in Russia a lot of interest in bitcoin, to be truthful.”

Andrey Kostin, VTB Bank’s president and CEO, has stated that he is “a tiny bit skeptical” regarding cryptocurrencies typically. “We see a lot of higher speculation element in cryptocurrencies and I consider it’s dangerous,” he stated. “Until the governments decide how to regulate this region I consider it will be very, really harmful for investors to invest in cryptocurrencies.” Perhaps alluding to blockchain technologies, Mr. Kostin added “Clearly fintech is the future for the banking industry. For a nation of the size of Russia, clearly getting branches around the entire nation is just not attainable and fintech is the future.”

What is your response to these differing opinions on cryptocurrency in Russia? Do you consider that bitcoin will grow to be a portion of each day life, or is the media exaggerating the presence of cryptocurrency in Russia? Share your thoughts in the comments section beneath!

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Published at Mon, 27 Nov 2017 14:35:33 +0000