Fintech Digest: Bank of Russia will be able to block sites, p2p lending volumes are falling, crypt in Europe

    New Year - new info feeds:

    • This year, the Bank of Russia will be authorized to block websites;
    • The volume of P2P lending in Russia fell by a third;
    • Cryptocurrencies can be recognized as a financial instrument in the European Union;
    • Xiaomi capitalization is declining.

    Central Bank and blocking sites

    Today it became known that the Central Bank will be able to make decisions that will be the basis for blocking fraudulent and dangerous sites. The corresponding bill has already been passed in the first reading. It gives the Central Bank the ability to block content until a court decision. In addition, he may apply to the court as an applicant in such cases - the regulator was previously deprived of this right.

    According to the authors of the bill, the new opportunities of the Central Bank will reduce the extent of embezzlement from citizens by both scammers and hackers.

    The Central Bank is able to limit access to toxic information. As an example, direct Internet fraud (financial pyramids, sites of companies-twins, etc.). In this case, the chain of action is significantly reduced. It will be possible to block a malicious site within 24 hours - for this, the name of such a site will be entered into the Unified Register of Banned Internet Resources of Roskomnadzor.

    P2P lending and mistrust of citizens

    The volume of citizens' financing by citizens this year fell by a third . The problem is that people no longer trust potential borrowers, since the level of defaults on previously issued p2p loans is very high. If in the near future the sites do not receive more data for assessing the solvency of citizens, then this market segment may simply disappear.

    If the risk of delay in the P2B and B2B segments is within 8–10% of the market average, it is close to 50% for P2P lending. Borrowers first of all follow consumer credit to the bank, if they don’t give it, then to the MFI, and last but not least - to the P2P platform. The risk for an investor in P2P is that it does not have a reserve of liquidity, for example, like microfinance organizations, in order to compensate for the high level of delay
    - said representatives of the Association of Investment Platform Operators.

    The reduction is also explained by the fact that individuals began to realize that they are unable to control the default of borrowers, do not know how to collect funds in court and do not want to do this, because this is a costly process both in terms of money and in terms of time.

    For three days, Xiaomi's capitalization has fallen by $ 6.3 billion

    Shares of the Chinese company Xiaomi on the Hong Kong Stock Exchange in just three days fell by 17%, so the company lost about $ 6.3 of market value. The fall accelerated yesterday, January 10, since the six-month period of blocking trading in shares, which has been in effect since the securities were placed on the stock exchange, expired on that day.

    Experts believe that the decline in the value of shares is due to their massive sale. And this process, in turn, is due to the fact that many securities were bought long before the IPO, and at a very low price.

    According to data compiled by Sinolink Securities Co, about 3.9 billion shares purchased in the 2010 series cost 2 Hong Kong cents each, while another 2.2 billion bought in the same year cost about 9 Hong Kong cents per a piece
    - say representatives of

    Cryptocurrency in Europe can be recognized as a financial instrument.

    Representatives of the European Securities and Markets Administration (ESMA) stated that a number of cryptocurrencies can be recognized as financial instruments in full compliance with the EU directive “O markets for financial instruments” (MiFID).

    It is assumed that this category will include assets that are associated with the possibility of profit, for example, during the ICO. Other instruments that are not financial assets should be subject to anti-money laundering laws.

    The EBA urged the commission to listen to the recommendations of the Financial Action Task Force on Money Laundering (FATF), which will be published in June 2019.

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