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On July 21, 2026, the Bank of Russia announced that the Russian State Duma passed legislation extending deposit insurance protection to identified electronic wallets held at banks. Electronic wallets (electronic money) will now receive the same standard deposit insurance protection as traditional bank accounts and deposits, provided the wallet owners have completed identity verification or simplified identity verification in accordance with anti-money laundering legislation. The extension applies a standard insurance limit of up to 1.4 million rubles to identified electronic wallets, ensuring equal protection for customer funds regardless of whether money is held in traditional accounts or electronic wallets at banks. Electronic wallets are used for online purchases and money transfers to other individuals. Unlike traditional bank accounts, they are not linked to deposit accounts and are regulated under Russia's national payment system law, which establishes maximum balance limits that vary depending on the operator and the account holder's verification status. According to the Bank of Russia's estimates, approximately 50 billion rubles are currently held in identified electronic wallets at banks. The legislation will take effect 180 days after official publication and will apply to insurance cases occurring after that date. This measure aims to provide consistent consumer protection across different types of deposit products offered by banks, harmonising the regulatory treatment of electronic money with traditional deposits under Russia's deposit insurance system.