Kostin Calls Cryptocurrencies a Key Component of Future Financial System

Andrey Kostin, head of VTB, expressed his positive attitude towards cryptocurrencies at the Eastern Economic Forum. He emphasized that digital assets will play a significant role in the future of the financial system, despite ongoing debates over regulation.

Kostin noted that the issue is not only about the technology itself but also which digital currencies will develop. He mentioned that private non-governmental cryptocurrencies face resistance from central banks and financial authorities due to concerns about monetary policy control, volatility, theft, and weak oversight.

He explained that governments have tools for managing their economies, but a parallel market that is not subject to traditional regulation poses a challenge for financial authorities. Kostin's comments highlight the growing importance of digital assets in the global economy.