WEBVTT

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Good afternoon, colleagues,

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Today, I propose addressing a topic that is relevant not only for our 

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country, not only for Russia, but is probably becoming 

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relevant also for the rest of the world.

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I am referring to introducing digital technology in the financial,

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banking sphere, and using innovative financial instruments.

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Modern technology in the banking sphere certainly opens up new 

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opportunities for organisations and citizens,

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making business activity and everyday life more convenient.

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As is known, virtual currencies, also known as cryptocurrencies,

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are becoming or have already become very popular;

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in certain countries they are becoming or have already become legal 

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tender, as well as an investment asset.

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I would like to draw your attention to the need to use the advantages 

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that are offered by new technological solutions in the banking sphere.

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That said, the use of cryptocurrencies also carries serious risks.

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I know the Central Bank’s position;

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I have discussed this topic with the Governor on several occasions.

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First and foremost, this is an opportunity for laundering illegal 

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gains, tax evasion and even financing of terrorism,

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not to mention the proliferation scams to which ordinary 

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people can fall victim.

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Cryptocurrencies are issued by an unrestricted circle 

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of anonymous entities.

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Therefore, buyers of cryptocurrencies may be involved 

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in illegal activity.

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In addition, there is no security for cryptocurrencies.

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If the system breaks down or, as it is trendy to say today,

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if there is a bubble, there will be no entity legally 

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responsible for that.

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This is a serious matter that we should bear in mind when 

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discussing this topic.

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As is known, many countries are looking for ways of regulating 

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the circulation of cryptocurrencies and are beginning to create 

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the necessary legislative framework, a legislative regulatory system.

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We need – based on international experience –

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to build a regulatory environment that will make it possible to codify 

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relations in this sphere, reliably protect the interests of citizens,

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businesses and the state and provide legal guarantees 

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for using innovative financial instruments.

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I would like once again to draw your attention to the need to use 

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the advantages that are offered by new technological 

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solutions in the banking sphere.

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At the same time it is important not to create unnecessary barriers,

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of course, but rather to provide essential conditions for advancing 

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and upgrading the national financial system.

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Bearing all these various aspects of the problem in mind,

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let us discuss this topic today.

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