Development of financial technologies and digitalization of the financial market: challenges and prospects

Abstract

In the age of rapid development of new financial technologies, the fact that the digital economy is a key factor of growth and development is universally recognized. Today, the Bank of Russia, as a socially significant institution, pays much attention to the work on defining the legal framework, developing regulatory approaches, developing human resources. Attitude to the introduction of new technologies in the financial sector, to put it mildly, is ambiguous, including in our country. In the mass media, statements of Russian politicians and statesmen appear more and more often, which sometimes express diametrically opposed positions in relation to crypto-currencies, blockchain technology and, in general, to new financial technologies.The author notes that the blockchain is the basis of the sensational cryptocurrency Bitcoin. However, blockchain technology in recent years has noticeably separated from bitcoin and has become regarded as a safe system for collecting and storing information, as it is resistant to falsification, revision, hacking and theft of information. Today, the blockchain is the basis for the development of voting systems, insurance, registration of real estate rights, storage of socially significant information, and its scope of application is expanding. The author considers different positions and concentrates his attention on the course of the Central Bank. It is noted that the regulator has formulated a Strategy for the development of financial technologies and digitalization of the financial market until 2020.