The President of the Russian VTB Bank Andrey Kostin stated that, in his opinion, mining cryptocurrency comparable to counterfeiting:

…For me, it is a kind of counterfeiting: the man sits and mines still sitting and prints money.

However, Kostin does not support running in Russia cryptorama and I’m confident that the euphoria that accompanied the start of cryptodire will not lead to widespread adoption of a new asset class: “there remains a fairly narrow niche in which crypto currency will be used.”

Among the negative factors influencing and inhibiting the development of industry, Kostin calls the risks of financing terrorism and laundering of illegal funds and the absence of financial regulators: the regulatory mechanism of the market. The potential threat to the small market, according to head VTB, can become significant if it “will be really dominant”.

We will remind, a year ago, Costin argued that the cryptocurrency market in the coming years, expect strict regulation. In his opinion, only this can considerably reduce the speculative effect of the use of cryptocurrency. In addition, he believes bitcoin the fake currency without a great future.