FinTech in Russia: Challenges and the Road Forward

FinTech, or financial technology, is gaining significance in modern Russia. The government is enthusiastic about embracing artificial intelligence, blockchain, and big data to enhance various aspects like budgeting, taxation, and customs. However, Russia's FinTech sector isn't without its obstacles. One of the main hurdles is the lack of a robust digital infrastructure, especially for cryptocurrency mining. Security concerns also loom large, with potential risks of illegal, untraceable transactions using blockchain technology. Another issue is the vulnerability to cyber threats. To tackle these challenges, the Federal Law "On Digital Financial Assets, " slated to come into effect in 2021, plays a crucial role. Looking abroad, Russia can learn a lot from other countries' experiences in navigating these FinTech issues effectively.