Russia: Closed consultation on Bank of Russia Guidelines for the digitalization of the financial market 2022-2024

On 24 December 2021, the consultation on the Draft Guidelines for the Digitalization of the Financial Market 2022-2024 is closed by the Bank of Russia. The consultation was opened on 10 December 2021. Specifically, the Draft encompasses plans for the development of key financial technologies such as biometric systems, digital profiles, open application interfaces (APIs), as well as fast payment systems. Furthermore, the importance of regulating the circulation of data and protection against cyber attacks is highlighted. Finally, the establishment of a digital ruble will also be pursued. These measures should result in more practical financial services and increase the competition in the market. The consultation will be closed on 24 December 2021.