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New markets: between freedom and state regulation

June 03, 21:09 UTC+3
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CHALLENGES:

  • Regulators too slow in their response to technology developments

“I feel quite skeptical about the ability of Russian regulators to think laterally and respond to business requests quickly enough for us to deliver the NTI goals, in particular,” said Alexey Repik, President, Delovaya Rossiya All-Russia Public Organisation (Business Russia).

“Pace is becoming crucial because as we could see it with the Aeronet case, we wasted two years and lost the competitive position to the US,” said Dmitry Peskov, Director, Young Professionals Department, Agency for Strategic Initiatives.

“The more established a regulation system is, the harder it is for new forms to function,” said Andrei Belousov, Aide to the President of the Russian Federation.

  • Critical infrastructure vulnerable in the face of future technologies

“Quantum computers are being widely talked about by some. When they appear, <…> our infrastructure had better be ready. <…> When they learn <…> to hack into the current encryption systems and do it on the go, just imagine the scale of the threat it will pose to the existing infrastructure. This is not some distant science fiction anymore,” Ruslan Yunusov, Chief Executive Officer, Russian Quantum Centre.

  • Not having enough quality data to develop new technologies

“Car makers are reluctant to share the data they accumulate. <…> Not enough attention is paid to the quality of the data they accumulate in such systems. <…> The only way to catch up with the world leaders <…> is by using intelligence and disruptive algorithms,” said Alexander Gurko, President, Non-commercial Partnership for Development and Use of Navigation Technologies (GLONASS UNION).

  • People not trusting banking technologies

“One of the reasons why people are unwilling to keep their savings in non-cash forms is their lack of trust in the banking system,” said Sergey Solonin, General Director, FINTECH Association.

SOLUTIONS:

  • Developing regulation ahead of new technologies, ‘smart’ regulation

“Within the existing vertical management system <…>, Russia is capable of making decisions faster. <…> The NTI has been our attempt to provide unusual and proactive solutions with regards to regulation management in a number of new and promising areas,” said Alexey Repik.

“We must play ahead of the game because we are constantly lagging behind. <…> Regulation should be simplified,” said Alexander Galitsky, Co-Founder, Managing Partner, Almaz Capital.

“Regulating technologies is absolutely pointless. <…> As regulators, we should assess risks and regulate risk zones <…> by setting the standards and criteria market players must comply with,” said Olga Skorobogatova, Deputy Governor, Central Bank of the Russian Federation.

“The easiest way to simplify regulations is to embed new technologies in the regulations themselves. This will simplify them by 30–40% immediately,” said Andrey Nikitin, Acting Governor of Novgorod Region.

  • Collaboration between businesses and the Government

“A total inventory of the existing body of laws is required. <…> This must be done by the beneficiaries who create and use the assets. <…> Other countries have already taken this path,” said Andrei Belousov.

“We should communicate with the market to decide how we are going to develop it. <…> We envisage a lot of projects. <…> Apart from the blockchain, they include open IP, identification, smart data management, and cyber-resilience zones,” said Olga Skorobogatova.

  • Developing quantum communication infrastructure right now

“The NSA already recommends that US companies use new encryption algorithms that are still relatively resistant to the quantum computer. <…> We must be working on such an infrastructure right now. For example, China, the leader in quantum communication, has already launched quantum networks in several cities <…> and is operating them in a test mode,” said Ruslan Yunusov.

  • Developing non-cash money circulation and cryptocurrencies

“Shifting into non-cash circulation as soon as possible is one of the Bank of Russia’s key priorities. We think it is possible both in terms of the technology and the mind-set,” said Olga Skorobogatova.

“The national cryptocurrency has a benefit cash is missing out on, you cannot lose it <…>, which also offsets the lack of trust challenge,” said Sergey Solonin.

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