Russia's VTB head says what he thinks about bitcoin

Russia's VTB head says what he thinks about bitcoin

Bitcoin is a fake currency, Russia’s VTB Bank PJSC management board Chairman Andrey Kostin said in Davos.

"Bitcoin is a fake currency and governments can’t accept a growing market of money not printed by a country," Bloomberg cited Kostin as saying.

He added that there’s no big future for Bitcoin. 

Bitcoin is the first decentralized digital currency, transactions take place directly between users. Miners record transactions to a public distributed ledger called a blockchain. Bitcoins are issued to miners as an incentive to attract their computing power to secure the network. Now the vast majority of bitcoins has been mined already.

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