September 18, 2020

CBR: we are afraid to strangle progress in the arms of our gentle regulation

The Central Bank of the Russian Federation is going to develop “large-scale regulation” of the financial technology market. About it during the FINOPOLIS forum, Bank of Russia chairman Elvira Nabiullina said.

“In our country, fintech has already acquired enoughlarge scale. This is not just a nucleation that was five years ago. We see how it is developing rapidly, and risks are already materializing in various fields, including with the protection of personal data. The scale of financial technology is such that more extensive regulation is already needed. Of course, we will develop this regulation in dialogue with the market. ”- said the head of the Central Bank.

At the same time, Nabiullina noted the need for a cautious approach in this matter:

“On the one hand, we are afraid of stifling progress in the arms of our gentle regulation, but as a regulator, we are most afraid of unidentified risks.”

She also said that the central bank intends to tighten liability for cybercrime. Nabiullina also noted that after recently the regulator revealed that many banks are not ready for cyber attacks.

Recall, earlier, the head of the Central Bank of the Russian Federation said that the benefits of crypto ruble cannot be really estimated.