Fintech Digest: regulation of the cryptocurrency market in the Russian Federation, telephone instead of a card for an ATM, interest in mining falls

Today in issue:

• Vladimir Potanin against tight regulation of the cryptocurrency market;
• The possibility of making transactions in ATMs using smartphones;
• The interest in mining has fallen dramatically;
• Russian companies will have the opportunity to digitize shares.

Potanin: Crypto No need to be tightly regulated

In the opinion of the head of Norilsk Nickel, Vladimir Potanin, there is no need to strictly regulate cryptotics. He argues that there are two options for regulation - the first, the American way, when the government tightly controls all the processes that are somehow connected with cryptocurrency and technology of the distributed registry. In the second case, the authorities give representatives of the crypto market a certain freedom, reserving the right to decide on certain points. The second method is used in Singapore and Switzerland.
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Potanin believes that the Russian government must first give a legal definition of terms, at the same time easing the regulation of the cryptocurrency market.

Because at this stage it is not necessary to make a revolution in civil law. Not to prescribe something that cannot be prescribed well, but to determine what is, and what is known about it, in known terms,

- Said the head of "Norilsk Nickel".

Phone, not a card: you can withdraw money from an ATM using a mobile device

Another novelty is the possibility of making transactions in ATMs using smartphones. Representatives of the top 40 largest credit institutions in terms of assets plan to introduce this service. Currently, the service is available in only 782 terminals out of 203 thousand. Nevertheless, the number of “mobile” ATMs is gradually increasing. Alfa-Bank plans to re-equip another 700 devices for contactless operations in the near future. In total, about 2.4 thousand of the 3.7 thousand ATMs of this organization will receive transfers and payments using smartphones.

Experts say that the new technology reduces the average user experience with the terminal to 1.5 minutes. By 2020, more than half of the payments will be made using smartphones.

AMD: Miners demand for video cards gradually falls

Representatives from AMD said that customer interest in video cards is gradually falling. This is stated, in particular, in the company's report : the revenue from the sale of cards in the third quarter is much lower than in the second quarter.

According to AMD, revenue declined by about 14% compared with the previous quarter, but if we compare it with the same period in 2017, we can talk about an increase of 12%. It all depends on the position of the observer.

AMD believes that the interest of buyers in GPU-systems for mining will decline further, in the event that the cost of cryptocurrency will fall. If growth begins, it will be possible to talk about the return of demand. Everything is logical.

Digitization of shares of Russian companies

In Russia, a pleasant opportunity is now being prepared for non-public companies - they will be able to certify their participation in capital using digital financial assets (CFA). Now the corresponding bill has already been prepared for the second reading.

If the draft law is adopted with current amendments, the rights of individual entrepreneurs and legal entities will be certified by electronic data. This may be, for example, a digital code. Confirmation of the status of the entrepreneur will receive using a decentralized information system.

As for the CFA concept, it will be spelled out in the Civil Code. Investors will be able to go to court if the obligations set forth in the rules for issuing a CFA are violated.