Electronic wallets of Russians will be included in the deposit insurance system in banks

Russian President Vladimir Putin has signed a law extending the deposit insurance system to electronic customer funds in banks. The document was posted on August 4 on the website of the official publication of legal acts.

Currently, when a bank's license is revoked, insurance compensation for deposits amounts to 1.4 million rubles, but money in electronic wallets did not have this protection. The new law eliminates the gap by extending guarantees to EMF according to the same principles as for deposits. To do this, the wallet owner must complete identification. Insurance does not apply to anonymous accounts.

The requirements of individuals under EMF transfer agreements will be satisfied first, and those related to business activities will be satisfied in the third stage. It is noted that the document will enter into force 180 days after its signing.

Settle accounts: the Central Bank urged to accelerate the adoption of the law on multi-banking

Why do customers need this and how secure will their personal data be?

On the same day, Putin signed a law that establishes the legal basis for the circulation of cryptocurrencies in the country. The law regulates relations in the field of organization of circulation, accounting and storage of digital currencies and foreign digital instruments, mining, issuance and circulation of digital rights.