Electronic Wallets in Russia to Receive Deposit Insurance Protection
Russian President Vladimir Putin has signed a law extending the country's mandatory deposit insurance system to electronic funds held in digital wallets.
The changes are intended to close a gap in existing legislation and strengthen public confidence in digital payment instruments.
The law amends Russia's legislation on bank deposit insurance and insolvency (bankruptcy). Under the new rules, electronic funds held in digital wallets will receive the same insurance protection as money kept in bank accounts and deposits. The measure applies to digital wallets whose owners have completed either full or simplified identity verification under Russia's anti-money laundering legislation.
The bill was introduced by senators Nikolai Zhuravlev, Mukharbiy Ulbashev, Anatoly Artamonov, Marina Sidukhina, Sergey Karyakin, and members of the State Duma.
The law will take effect 180 days after its official publication.
