Russian Duma plans to regulate electronic money

According to the Russian media sources the national legislative body known as Gosduma plans to create a working group to develop the bill “On electronic money”. According to the chairman of the Gosduma’s Financial Markets Committee Vladislav Reznik, the necessity of developing such kind of bill arose in the course of working with the corresponding acts regulating activity of the payment service providers.

In accordance with the Act that was signed into law by the President Medvedev at the beginning of the month, payment service providers will have to hand over the funds received from the payers to the credit organizations so as they could be completely deposited to a separate bank account. Besides, authorities will also insure against risks of civil liability for the violation of obligations to perform corresponding transactions for the suppliers.

September 15 was scheduled as the date to approve members of the working group and prepare the draft plan. The working group headed by Vladislav Reznik will include parliament deputies, members of the Council of Federation, officials from the federal agencies and the Central Bank of Russian Federation as well as experts from other agencies and bodies.

Electronic money implicated into the current legislation refer to Internet payments available through popular payment systems like YandexMoney or WebMoney which allow users to perform online transactions.