March 4, 2024

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» financial technology market. About itduring the FINOPOLIS forum, Bank of Russia chairman Elvira Nabiullina said.

«In our country, fintech has already acquiredquite large scale. This is not just an inception that happened five years ago. We see how it is rapidly developing, and risks are already materializing in various areas, including the protection of personal data. The scale of financial technologies 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 strangling progress in the arms of our gentle regulation, but as a regulator we are most afraid of unidentified risks».

She also stated that the central bank intends to tighten responsibility for cybercrimes. Nabiullina also noted that the regulator recently 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.