From 2025 business-to-business transactions will cost $0.16 each, while individual customers will pay 0.3% of the total transaction sum when transferring to commercial accounts.
Russia’s central bank digital currency (CBDC) project developed by the Bank of Russia (BoR) has revealed its official logo. The central bank has also published commission fee rates, which would exceed zero points only in 2025.
The logo of the digital ruble. Source: The Bank of Russia
On Aug. 3, the BoR revealed the corporate identity of its digital currency — the digital ruble. An international ruble symbol in a circle, the logo comes in four basic color combinations: red and white or black and white.
Along with the logo, the BoR presented the commission fees for different operations with the CBDC. Until the end of 2024, all services will be free of charge, but starting from 2025, business-to-business transactions will cost 15 rubles ($0.16) each, while individuals would pay 0.3% of the total transaction sum when transferring to commercial accounts and 0.2% when paying for civil services.
Russian President Vladimir Putin signed the digital ruble bill into law on July 24. The CBDC was officially scheduled to go live on Aug. 1, 2023, starting with a pilot phase with thirteen local banks.
The BoR will be the principal operator of the digital ruble infrastructure. The currency will serve as a payment and transfer method. Citizens will not be forced to use the CBDC, as it will operate along with cash and non-cash rubles, BoR Governor Elvira Nabiullina recently specified.
According to BoR deputy governor Olga Skorobogatova, the regulator doesn’t expect mass adoption of the digital ruble in Russia before 2025 or even 2027.
Private digital currencies remain largely unregulated in the country as Russian lawmakers are continuing to postpone the introduction of cryptocurrency legislation. State Duma member Anatoly Aksakov promised to pass four bills related to crypto mining, taxation and international settlement of crypto in May 2023.