The Central Bank has developed amendments in electronic wallet insurance

The amendments are made to the laws “on deposit insurance in banks of the Russian Federation” and “on insolvency (bankruptcy)”. The authors of the initiative propose to expand the guarantees of the deposit insurance system in electronic wallets, similar to fund insurance in bank deposits.

Today, the clients of the banks with whom the license was withdrawn have the right to receive compensation of the day for an amount of up to 1.4 million rubles.

According to day estimates, the implementation of the initiative will not lead to a significant increase in the load in the mandatory deposit insurance fund. As of January 1, 2024, around 20 billion rubles of electronic funds (EDF) were in banks, which is less than 0.1% of the total amount of possible day insurance obligations.

In case of approval of the bill, the total amount of insured funds will increase by approximately 15 billion rubles, which will only be 0.02% of the total amount of insured deposits, indicates the explanatory note.

Only those owners of electronic wallets who have approved the procedure for a complete or simplified identification will receive the right to use the reimbursement of the funds. You can now open an electronic wallet without providing personal data. For the complete identification of the wallet owner, the customer’s personal presence in the company’s office is required.

For the first time, the Central Bank announced the need to evaluate the need for electronic wallet insurance in February 2024. This happened after the Qiwi bank reviewed the license, which specialized in making payments through such wallets.