The role of financial participants in the economic law of digital services can be

The role of financial participants in the economic law of digital services can be July Thesis. From state regulations to state compensation and back? "Magazine №6

By the end of July 2021, what is the most important thing happening in the banking industry and the payment market? Is -20 a catalyst for digitalization? According to experts, when all interactions between counterparties (including trade operations, banking and payment transactions) occur remotely, this epidemic becomes a catalyst for the digital transformation of the economy. In the usual evolutionary model, this transition occurs slowly, encountering obstacles in the form of market participants wishing to retain previous investments in the current model infrastructure, psychological inertia, and fear of everything that is unpredictable and carries new risks. At the same time, the negative impact of the crisis on the banking industry has not diminished. The country is trying to influence what is happening, but in doing so has achieved varying degrees of success. Many experts believe that this kind of contradictory situation is emerging when most of the regulatory agencies' measures to support the banking industry benefit mainly from the largest participants-our actors. According to official statements, the influence of regulators is fair. A recent example is the limitation of bank internal roaming. Its task is to exclude cross-regional transfer commissions. This has led to the introduction of a large number of new fees, including the use of for transfers. According to some estimates, this has resulted in a 17% increase in the bank’s net fee and commission income. And given that such operations (for example, in-flight transfers) are usually performed by the least protected class of citizens (pensioners, etc.), we can point out at least two points: the final consumer still pays for all reforms . Market monopoly will only increase in the future.
According to another situation, banks can regain the right to collect commissions from organizations that provide housing services. In this case, the market may return to an equilibrium state, but the cost of housing and public services paid to citizens will continue to grow. Ultimately consumers still pay for all reforms. Banks may receive more housing and public service subsidies from the government. However, in this case, who will receive them is an open question. As always, we will discuss the first echelon first, and then it depends on the situation (for regional banks, this situation is most dependent on the commission business income of the housing sector, which may happen, for example, with the help of local governments) . There is a Gascoyne oldtown risk that not all banks that receive such subsidies will refuse the opportunity to obtain double compensation from the state and consumers (including the aforementioned forms of raising citizens' tariffs).
Everyone remembers the holiday limits that the state has promised to individuals and legal entities. We have all witnessed how many banks subsequently hurriedly report to happy citizens and entrepreneurs. In fact, instead of lending, they have issued their own payment restructuring plans, which often greatly deteriorates the conditions of service loans. For those borrowers who insist on using credit holidays, many market participants have put forward scoring requirements so that those who are really happy do not bear the potential risks of the activities of these credit institutions.
Although Aksakov's other interest rate cut is not as dramatic as it was in June this year, it will have a positive impact on the availability of credit resources mainly for the population and businesses. First, we are talking about increasing the availability of mortgages-both due to the general decline in interest rates and due to preferential loan programs.

However, even among experts, people are worried about the negative impact of further interest rate cuts. Some people believe that only large banks can benefit from this move, which will be able to use the liquidity provided by the central bank at low interest rates. Others talked about the need to consider all factors when making such a decision. For example, studying the impact of the high volatility of the ruble on deposits accompanied by lower interest rates, while the ordinary interest rate has the effect of accelerating the process of closing deposits and reducing non-cash ruble The impact of transfers to foreign currency cash, which may lead to a decrease in medium-term stability. The banking sector. Which is better than the pros and cons? This issue is still unresolved.
Some people believe that the fact that such a large market has not been removed from the total ban as planned in the earlier version of the bill is an achievement. Others are convinced that the law has nothing to do with the actual needs of the market and the economy, and its only consequence will be to squeeze out cryptocurrency business from other jurisdictions. Some conceptual interpretations used in the law also aroused suspicion. In particular, according to the Associate Professor of the Department of Management and Innovation of the University of Finance of the Russian Federation, why digital currency (which can be provided and/or accepted as a means of payment by definition) is not a digital financial asset (which includes money requirements by definition). On the contrary, in special circumstances, digital currency is regarded as equivalent to property. Most people think that it is too early to rejoice, because the legal text refers to separate laws that have yet to be adopted, which will regulate mining, the issuance and circulation of encrypted currencies. Only based on their research results, it is possible to reach a final conclusion about the law. The transition of citizens and merchants to non-cash payments is accelerating (including by lowering mandatory thresholds for acceptance). Therefore, according to the data released by the central bank, the central bank’s share now accounts for 67% of retail payments (these are not only cards, but also other payment methods, such as ). The number of fraudulent transactions, including the use of social engineering tools, is growing. In the crisis, different levels of regulatory agencies raised the issue of controlling the use of target funds and expanded the scope of application of various methods to the population and enterprises. Perhaps distributed ledger technology can be used in the future.
Protectionism is increasing and aims to support domestic market participants. An example is the transfer of all income (including non-monetary income) funded in the budget to the card, thereby expanding the scope of mandatory acceptance of the card. Fintech companies’ financing conditions are tightening, which has led to the implementation and implementation of innovations mainly on the side of traditional market participants (banks and payment systems).
In the context of reducing the use of cash settlements, we will see consolidation and enhanced interaction between market participants, aiming to optimize costs by introducing new technologies. In the near future, there will be a question of how to truly understand what is happening in a country with cash in circulation, and what actions market participants and regulators should take to ensure the further development of the market. -Fully aware that this subject is not only serious and difficult, but also has set my task to provide all possible assistance to our banking industry to analyze the situation and find a clear understanding of the existing problems. At the same time, in the materials of the results of the online forum held on July 17, you can read the magazine’s publications and the content on the portal, including the changes that are taking place in the cash flow field and possible solutions, including the emergence of The new method of monetization by market participants, until the possibility of completely transferring the network of self-service banking equipment to professional companies, and more! Even in various crises, pandemics, and isolations, it has certainly proved the importance and strength of our common cause! Subscribe to our group to learn about industry developments. -The Financial Technology and Digital Economy Research Center analyzed how the role of employees in the company has changed today, and evaluated the role of talents in the development of the financial service industry in countries around the world.
-The Financial Technology and Digital Economy Research Center analyzed how the role of employees in the company has changed today, and evaluated the role of talents in the development of the financial service industry in countries around the world. Senior Researcher, Financial Technology and Digital Economy Research Center-Related to the active digital transformation as an independent industry, the role of talents in the development of financial service providers.
-.-. Uruguay, the national policy in the field of payment market supervision and the trend of digitalization of the country’s banking industry. Many financial technology institutions are now paying attention to this issue, including the payment market in Uruguay, part two. Our country has experienced a very difficult year to ensure the effectiveness of cooperation and lay the foundation for further development. Bloomberg Global Financial News