MOSCOW, November 8. /TASS/: Strict legislative regulation of artificial intelligence technologies would be possible only after a thorough risk assessment and consultations with market participants, according to Governor of the Bank of Russia Elvira Nabiullina.
"Strong legislative regulation is probably possible in some areas, but we believe it should be introduced only after a thorough risk analysis and market consultation. I think we will discuss everything with the government," she stated.
Nabiullina also stated that the Bank of Russia is aware of the dangers associated with AI technologies. At the same time, she stated that the regulator will seek a middle ground between creating incentives for the development of this technology and protecting individuals from potential threats. Nabiullina added that some dangers, particularly in the early stages, will be addressed by the market itself through self-regulation, including ethical norms.
She also said earlier that testing of the digital ruble goes as planned and the pilot project will be expanded in 2024. "Testing is going as planned with numerous banks and individuals. Significant technology aspects and fundamental operations are being worked out. Next year, we intend to begin expanding this pilot in terms of both the number of participants and the types of operations. For the time being, our plans are to move to more extensive deployment, but only if we successfully complete all stages of the pilot testing," she said, adding that the project is very important for the Bank of Russia.
On August 15, the Bank of Russia and a group of banks began testing operations using the digital ruble. Active operations will be tested in the first stage, including opening digital ruble wallets for banks and clients (individuals and legal entities), digital ruble transfers between clients, and payments at trade and service enterprises. According to the regulator, around 600 individuals and 30 legal companies will take part in the testing project across eleven Russian cities.
