In light of the large numbers of new digital entities operating on the financial market, the scope and complexity of the regulatory sphere is increasing. Regulatory and supervisory institutions are starting to reach for advanced technologies, which is beneficial for the whole sector.
In December 2019 Russian President Vladimir Putin approved a law that prohibits sale of electronic devices that are not pre-configured with Russian software. Russia’s Federal Anti-Monopoly Service has now drawn up a document outlining the basis on which the apps will be chosen.
The young people, who entered adulthood at the beginning of the 21st century, cannot imagine the world without the internet. In the use of online banking the Millennial generation has bridged the gap between the old and new countries of the European Union.
Technology companies such as Alibaba, Amazon, Facebook, Google (or more precisely its mother company, Alphabet) and Tencent started providing financial services. That generates potential economies of scale.
When it comes to advanced technologies, Europe has been lagging behind the US and China for many years. This has an effect on the growth rate and the competitiveness of the European economy, as well as the level of employment.
For years Russia has been trying to create its own internet, independent of the World Wide Web. A new law, “Stable RuNet law”, signed by President Vladimir Putin in May this year, took effect on November 2019
Russia and China are working on a joint project of low-orbit satellite constellation for distribution of high-speed internet, Russia’s Deputy Prime Minister Maxim Akimov said after Prime Minister Dmitriy Medvedev and his Chinese counterpart Li Keqiang meeting.
Blockchain is very well suited for use in settlements in the power generation sector, according to Jacek Szczepański, vice-chairman of the Atende IT company, speaking at the 11th European Economic Congress in Katowice, Poland.