Russia banned anonymous electronic wallets and travel

In Russia from August 3, come into force amendments to the law “About national payment system”. According to these amendments, users of electronic wallets and travel will no longer be able to anonymously make money off of them. Now such services need to link a Bank account.

according to RBC, the new rules affect users of the service “Yandex.Money, QIWI-Wallet” like PayPal, VK Pay and other similar systems, and all transportation cards, students cards, cards for corporate canteens miscellaneous amusement parks, and so on.

According to the head of the Duma Committee on financial market Anatoly Aksakov, the initiator of the amendments was the Federal service for financial monitoring is interested in the limitation of anonymous payment services, which can be used for illicit activities, in particular for the financing of terrorism and drug trafficking. After binding to the purse, Bank account, source of funds becomes easy to install.

the Amendments to the law were adopted in the summer of 2019, however, market participants received a year to adapt the business processes. Their request for deferment due to pandemic coronavirus was not satisfied.

currently, e-wallets anonymous is used by over 10 million people. Every year through such services is made more than 2 billion transactions valued at more than 1.7 trillion rubles.