SPBILF 2019 Discussion Sessions
A column providing details of themes which will become the key topics to discuss at the Forum.
Discussion Session 'Digital Ruble: Choosing Legal Solutions'
On 8 April 2021, Digital Ruble Concept was published on the website of the Bank of Russia. The concept has been developed basing on feedback from market players and experts received as the result of the discussion of the consultation paper “A Digital Ruble” published in October 2020. The Concept includes the description of a digital ruble’s advantages, the target model, approaches to monetary policy upon a digital ruble introduction, and the milestones of the project implementation.
The Concept reads that the digital ruble will be issued by the Bank of Russia, it will become the third type (from economic point of view) of Russian national currency and would be used together with a cash ruble and a non-cash ruble.
On the background of digital national currencies establishment in other countries, implementation of the digital rubles is especially relevant as a competitive factor for the Russian economy as it provides for decrease of its transaction costs and digitalization of payment services.
It is evident that implementation of the idea of a digital ruble would have impact on literally all Russian nationals, business entities, public finance area. Therefore, it is important to develop the idea of a digital ruble as a legal substance.
It is intended to discuss the following matters at the session:
- Digital Ruble — economic and technological aspects
- Digital Ruble vs private cryptocurrencies
- Digital Ruble — is it the third form of money? The liability of the Bank of Russia?: from legal point of view
- Private-law and public-law aspects of a digital ruble circulation
- Legal protection of a digital ruble circulation
Discussion Session 'Digital Technologies on Financial Market: Legal Perspective'
Digitalization has imperatively penetrated our global environment. Introduction and mass-scale distribution of multi-functional mobile devices providing for smooth access to opportunities given by Internet, have dramatically changed both human communications and different products and services promotion and distribution channels. Cloud technologies, artificial intellect, machine learning, voice interfaces are being day-by-day dramatically changing the role of a man in business processes, improving the performance and creating new valuable propositions for users.
However, all that changes the look of financial market, also changes the roles and opportunities of financial services consumers and creates the grounds for new social conflicts that must be solved in a civilized world from a legal point of view.
Is the law ready to face the challenges? — will it catch up with innovations? This question will be the focal point of our discussion
Major matters on the agenda:
- Main ideas that are changing or are able to change financial market: major digitalization risks related to financial market
- Human rights and financial market digitalization
- Technological innovations and legislative traditions: is symbiosis possible? Law — is it a barrier in the way of innovations or does it provide for a balance of opportunities?
- Artificial intellect in financial market: horizon of possibilities and responsibility
Discussion Session 'Protecting the Retail Investors' Rights: Tough Decisions'
Rising bank rates on deposits and positive dynamics of stock indices are the trends that have provided for the mass-scale entry into the Russian stock market of amateur individual investors who view purchasing venture and complex (structured) financial products as an alternative to classic saving patterns.
As far as they lack both experience in transactions on financial markets and understanding of risk related to investments in complex (structured) financial products, such amateur investors are the most vulnerable type of financial market players and often become victims of malpractices (e.g. misselling attempts). The abovementioned conditions have made it necessary to establish some retail investors’ protection mechanisms.
In the course of this session the experts will review retail investors’ protection mechanisms available on the stock market, will discuss to what extent and in which cases “state paternalism” may restrict the “right” of a retail investor to lose all the savings and how to encourage professional financial market players to promote a “reasonable approach” to investments for retail investors, sacrificing too high profits from trading in super-high-risk financial products.