Qiwi Bank will have enough funds to return money to wallet owners – Kommersant

The Bank of Russia reported that, according to preliminary estimates, Qiwi Bank will have enough funds to return money from wallets in the process of bankruptcy.

“The return of these funds will take place during the forced liquidation or bankruptcy of the bank at the expense of money received from the sale of its assets and other property,” the Central Bank said.

The regulator noted that the bank’s business model was largely based on high-risk transactions. The Central Bank stated that it carried out systematic work with Qiwi Bank to reduce its involvement in such operations, but the organization always found ways to circumvent restrictive measures.

After the license was revoked, Qiwi Bank began blocking transactions through Qiwi wallets (depositing and withdrawing funds). The Deposit Insurance Agency reported that owners of Qiwi Bank electronic wallets can return the money by submitting an application to the state corporation. Payments to depositors will begin no later than March 6. You can submit an application for compensation to the DIA during the period of bank liquidation; it will be less than a year. You can return an amount of up to 1.4 million rubles.

The Central Bank has revoked the license of Qiwi Bank as of today, February 21. The regulator cited the reason for the participation of a financial organization in settlements between individuals and shadow businesses: crypto exchangers, bookmakers, online casinos. After the license was revoked, the Qiwi mobile application and the Contact payment system, through which money was transferred abroad, stopped working. Revocation of license from Qiwi Bank affected the work of Raiffeisenbank, Tochka Bank and Metallinvestbank.

Read more about the situation in the Kommersant article. “Qiwi Bank has lost its license”.

Erdni Kagaltynov