We now know why the recent Bitcoin ban by the Russian government was so sudden and forceful. It seems that a few months ago, both Sberbank and VTB (two of the largest banks in the country) had conducted large-scale research into Bitcoin and blockchain technology, and they concluded that the technology could be used to evade the Russian central bank’s monopoly on currency issuance. This means that the recent Bitcoin ban, which was not widely covered in the media, was conducted as a preemptive measure to prevent Bitcoin from disrupting VTB and Sberbank’s business models.
A few months ago, a popular Russian tech blog (which we are not naming to avoid repercussions) wrote an article titled “Bitcoin is a scam” in which it accuses the CEO’s of Russia’s top banks of being involved in a Bitcoin scheme. In response, the VTB bank’s CEO, Andrei Kostin, wrote an article titled “Why I don’t consider Bitcoin a scam”, in which he explains how a few Bitcoins can turn into a few million in one year. He also explains the reasons why he doesn’t believe the “Bitcoin is a scam” article.
In light of recent events regarding the Bitcoin industry in Russia, which have caused a significant degree of confusion, the CEO of the two largest banks in Russia Sberbank and VTB, Alexander Morozov, have released official statements regarding the case. The statements are mainly focusing on how the mention of Bitcoin in the media was misleading, while the companies had taken no action to end the use of Bitcoin in the country.
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