10 October 2019
MOSCOW, 10 October. /TASS/. The Bank of Russia will “not to stifle progress in the enforcement” of regulations and will strive to avoid the risks attached to uncertainty, according to the Governor of the Bank of Russia, Elvira Nabuillina, who was speaking at theForum of Innovative Financial Technologies FINOPOLIS.
“Technology is transforming our financial sector, that’s obvious. There are real prospects there, but – I have to admit – it’s often a headache for the regulator. We are seeing that technology is appearing really quickly. Lots of it fails straight away, but some of it flourishes and is fed into the financial sector. Some technology is changing its configuration. That’s a big challenge for us. On the one hand, we’re worried about stifling progress by enforcing soft regulation, but as a regulator, we’re primarily concerned about the risks of uncertainty,” she said. Nabuillina further noted that new technology constantly brings uncertainty, representing ‘unchartered territory’, and poses new risks, all of which is the responsibility of the regulator.
Consequently, the Bank of Russia will aim to create a favourable regulatory environment to ensure the development of new technology.
“We see our goal, our mission, as creating conditions conducive to the development of FinTech, as well as changing our world while regulating and protecting the market from risk. I hope that together we will be able to discuss this and to exchange ideas freely. We have a chance to forge new partnerships and contacts. We will strive to create favourable regulatory environment,” said Nabuillina.