Alfa Bank sees cryptocurrencies as a threat to national money

Alfa Bank sees cryptocurrencies as a threat to national money
CONTENT

  • Alpha considers strict regulation of cryptocurrencies logical

  • The chairman of the board of directors of Alfa Bank does not believe in the accumulative property of cryptocurrencies

  • Paying taxes in digital currencies will mean the adoption of cryptocurrencies, says Aven

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Alfa Bank sees cryptocurrencies as a threat to national money

The chairman of the board of directors of Alfa-Bank considers it “natural” to tighten regulation of cryptocurrencies in the domestic market

The chairman of the board of directors of Alfa-Bank, Petr Aven, is not surprised by the strict regulation of cryptocurrencies in the domestic market. He stated this in an interview with RBC.

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According to Aven, tightening regulation of cryptocurrencies is “completely natural” as no state “will allow a parallel currency.” Aven also refused to believe in cryptocurrencies as a store of value..

Alfa Bank sees a threat to national money in cryptocurrencies

Old school

The chairman of the board of directors of Alfa Bank claims that he will believe in cryptocurrencies only when they can pay taxes. Until then, Aven sees digital currencies as an exclusively threat to the national currency..

“This destroys the main currency, so today I still don’t believe in cryptocurrency as a means of payment in real life, and I don’t believe in a store of value,” he said..

Although the IRS does not yet directly accept bitcoins as a method of payment, some companies have long been conducting such transactions through special states..

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In 2019, for example, the American online retailer Overstock announced that it was paying part of the taxes in bitcoin in Ohio. This was then made possible by the relevant local legislation..

Understanding the inevitability

Aven also commented on the monopoly of the Bank of Russia in the digital ruble market. In his opinion, the developed model of the digital national currency carries a “challenge” and Alfa-Bank itself does not yet fully understand how this can affect the bank’s business..

Alfa Bank sees cryptocurrencies as a threat to national money

“But it is impossible to avoid this, and it requires reflection,” Aven admitted.

Earlier, the editorial staff of BeInCrypto reported that Sberbank experts predict an outflow of funds of up to RUB 4 trillion from financial institutions within three years after the launch of the digital ruble. The bank believes that the emergence of the digital ruble may lead to a decrease in liquidity and an increase in lending rates.

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