CBR, banks see excessive regulation as main risk for AI development
MOSCOW. May 25 (Interfax) - The Central Bank of Russia (CBR) believes one of the main risks for the development of artificial intelligence technology in the country is the possibility of its excessive regulation, and prefers to stick to a "soft" approach in its policy, Central Bank chief Elvira Nabiullina said.
"The main risk right now in terms of artificial intelligence, in my view, is overregulation. What should this balance be? Yes, we need a general, conceptual apparatus in the law and we need to stimulate the development of our own models and their application. But to start restricting in detail now, and proceeding from these risks, which I think not everyone understands, everything will just come to a standstill here," Nabiullina said at the Association of Banks of Russia congress.
"The financial sector is very advanced in terms of artificial intelligence. Here, of course, it's very important to just not put up these barriers, in my view. Honestly, we prefer soft regulation," Nabiullina said.
The head of state bank VTB , Andrei Kostin said it was necessary to stimulate the development of AI rather than restrict it.
"At this stage it's very important to make a breakthrough, because artificial intelligence is an extremely important matter, indeed you're right, for both the country and the economy, but for the banking sector as well. And we are, of course, all now seriously intent on this matter [...] I am only in favour of there being maximally liberal legislation, and without some extreme restrictions, for which we unfortunately have a predilection," Kostin said.
Russia needs to make a leap in the development of AI, because it lags far behind the United States and China in this area, he said. "Whatever we do, we still have Chinese letters appear. So in this sense, of course, we need to take global developments and do," Kostin said.
Alfa Bank CEO Vladimir Verkhoshinsky agreed. "I believe that there is no need to regulate at this stage. Yes and, frankly speaking professionally, it's impossible," he said.
The Digital Development Ministry published a bill on government regulation of AI in Russia in March. Among other things, it enshrines the concept of artificial intelligence at the legislative level, and establishes rules and obligations for market participants. If passed, the law is expected to go into effect on September 1, 2027.
