QIWI Bank had its license withdrawn, yet it reportedly retains enough funds to reimburse citizens for money stored in electronic wallets. This update comes from RIA News, and was released through the press service of the Central Bank of Russia.
The regulator clarified that under the law on deposit insurance, funds held in electronic wallets are not covered by insurance. Any repayment would be funded from the proceeds of asset sales conducted as part of the bank’s forced liquidation process.
As the Central Bank explained, preliminary estimates indicate the bank possesses sufficient funds to cover reimbursements to wallet holders.
Earlier, QIWI completed the process of selling its operations in Russia, transferring assets to the Russian Federation. The Central Bank revoked QIWI Bank JSC’s license after identifying breaches of law and financial rules, including ties to shadow entities and the financing of illicit activities such as certain crypto exchanges and online gambling platforms.
Previously, the Central Bank noted that insurance does not apply to funds in QIWI Bank electronic wallets.
Analysts and economists have provided guidance for QIWI wallet owners, outlining what to expect amid the regulatory actions and the potential paths for refunds under the ongoing liquidation framework.