Deposit insurance system to cover verified e-wallets with banks
E-money (e-wallets) with banks will be protected by the deposit insurance system. This only applies to the wallets whose holders have passed identity verification or simplified identity verification pursuant to the anti-money laundering law. The law to that effect was adopted by the State Duma today.
The said funds will be subject to the standard limit of up to ₽1.4 million, which will ensure equal protection for depositors’ funds in both accounts (deposits) and e-wallets with banks. The law will come into force 180 days after its official publication and will apply to insured events taking place after this date.
E-wallets are used in payments for online purchases and funds transfers between individuals. They are not linked to bank accounts, fall within the scope of the law on the national payment system, and are subject to a statutory balance cap (the exact cap depends on the operator and on whether the holder has passed identity verification). As estimated by the Bank of Russia, around ₽50 billion are held in verified e-wallets.