State insurance may be extended to the funds of Russians in electronic wallets. Bill No. 1162697-8 with amendments to the federal laws "On Insurance of Deposits in Banks of the Russian Federation" and "On Insolvency (Bankruptcy)" has been submitted to the State Duma for consideration by deputies.
Currently, in the event of a bank's license being revoked, the state reimburses depositors up to 1.4 million rubles, recalled co-author of the initiative, Vice Speaker of the Federation Council Nikolai Zhuravlev. However, this insurance does not apply to digital money.
Our bill corrects this. Funds in electronic wallets will be as protected as funds in deposits.
According to him, the insurance will cover a similar amount. The protection is planned to be extended only to those depositors who have been identified.
If the bank goes bankrupt, the requirements for electronic wallets will be satisfied in the same way as for ordinary deposits of individuals, Zhuravlev noted.
Digital payments are becoming more common
According to the Deposit Insurance Agency, in 2024 the volume of electronic money (e-money) in Russian banks amounted to almost 20 billion rubles. This is less than 0.1% of the total insurance liability of the system. Consequently, the burden on the insurance fund will be minimal, Zhuravlev emphasized.
The proposed bill should protect citizens against the backdrop of the growth of digital payments. In addition, it will help ensure equal guarantees for depositors, regardless of the form of money.
Read more materials on the topic:
- Salary in one click: The Central Bank will allow paying salaries to thousands of recipients with a one-time transfer in digital rubles
- The Central Bank will set zero commissions for transactions with the digital ruble in favor of the state
- Implementation continues: The Treasury of Russia may accept payments in digital rubles
