FinTech in Russia under circumstances of IT technologies development: development challenges and solutions

In modern Russia, the FinTech is relevant to the development of the financial segment of the economy. The Government evaluates the prospects of development of artificial intelligence technology, blockchain, big data in the area of budget, tax, customs and other relations by now. However, the develop...

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Bibliographic Details
Published inE3S Web of Conferences Vol. 224; p. 3030
Main Authors Ponomareva, M.A., Karpukhin, D.V., Stolyarova, A.N.
Format Journal Article Conference Proceeding
LanguageEnglish
Published Les Ulis EDP Sciences 01.01.2020
Subjects
Artificial intelligence
Blockchain
Cryptography
Customs
Digital currencies
Federal legislation
Security
Taxation
Technology
Russia
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Summary:In modern Russia, the FinTech is relevant to the development of the financial segment of the economy. The Government evaluates the prospects of development of artificial intelligence technology, blockchain, big data in the area of budget, tax, customs and other relations by now. However, the development of the FinTech in Russia faces many problems. First of all, these is the absence of digital infrastructure for mining cryptocurrency, issues related to information security, the potential risks of illegal non-personalized transactions through the blockchain technology. It is necessary to analyze the content of the discovered institutional problems and to determine the ways to resolve them. The significant role in overcoming the difficulties is assigned to the Federal Law “About the Digital Financial Assets”, which shall enter into force on the 1st of January 2021. Besides the foreign experience in overcoming the difficulties related to the utilization of FinTech is particularly valuable for Russia to solve the identified issues effectively.
ISSN:2267-1242
2555-0403
2267-1242
DOI:10.1051/e3sconf/202022403030