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Russian billionaire Vladimir Potanin will head the working group on digital economy regulation

Russian billionaire and Norlisk Nickel (Nornickel) majority stakeholder Vladimir Potanin will be appointed to head the Russian Union of Industrialists and Entrepreneurs (RUIE) working group on regulating the digitalization of Russian economy.

As revealed by the Vice-President of Nornickel Andrei Bugrov in the recent interview with “Rossiyskaya Gazeta” outlet, the RUIE has formed a working group on coordination and regulation of the digital economy in order to “accumulate all the legal and regulatory issues at one place”.

“We have a non-trivial task before us. As of now, there are no established legal norms and conceptions in this field. Currently, it is a common practice everywhere to create the so-called “sandboxes” for this new industry in order to develop some skills and experience in the area.”

Therefore, the discussion at the current RUIE session, which is now under way in the Russian Far East, has been revolving around the creation of regulatory sandboxes and possible mechanisms of transferring the resulting experience to working groups with the aim of forging a balanced regulatory framework.

As reported earlier, Dmitry Peskov, special representative on digital and technological development to Vladimir Putin, also considers the creation of regulatory sandboxes to the most perspective and sustainable way of dealing with these regulatory challenges.

According to Bugrov, the working group will be “drafting framework initiatives that will determine the rules of the game at the digital market”, proceeding from the existing draft law “On Digital Financial Assets”.

It is also worth noting, that last month, the Ministry of Finance reduced the budget for Digital Economy project by two thirds. The national project now heavily relies on the financial involvement of large businesses.