ING CEO Ralph Hamers says what’s driving the value of cryptocurrencies like bitcoin and ethereum requires more understanding

Ralph Hamers has said there isn’t yet enough detail behind what’s caused the unprecedented rise in value of cryptocurrencies such as bitcoin and ethereum.

The ING chief executive was speaking to tech leadership platform Hot Topics during Money 20/20, a financial and technology event.

He said: “How the value behind cryptocurrency is driven, how to manage that valuation… I’m yet to be convinved.”

Mr Hamers also talked more widely about the future of banking.

“It’s certainly not developing yet another product with more features that customers don’t understand.

“Keep your products simple, and keep your experience simple, then you truly empower people.”

Watch Mr Hamers’s extended comments below.