Bank of Russia Initiates New Digital Ruble With Zero Transaction Fees Till 2025

In a recent statement, the Bank of Russia revealed its plans for the country’s Digital Ruble currency. It declared that transactions using digital currency would be free of charge until the year 2025.

However, after this period, businesses and legal entities engaging in transactions with the Central Bank digital currency (CBDC) would incur a small fee for its usage. The Bank specified the fee structure in the statement as follows:

“The tariff for businesses for accepting payments for goods and services in digital rubles will be 0.3% of the payment amount (but no more than ?1,500).”

Companies providing housing and communal services will face a lower tariff of 0.2%, but not exceeding P10. Transfers between legal entities will be subject to a fixed commission of 15 rubles per transaction.

Russian citizens, on the other hand, would continue to enjoy free payments and transactions in the digital ruble. The Bank of Russia sees this move as an incentive for the populace to embrace and make extensive use of the national digital currency.

As part of the ongoing efforts to promote the CBDC, the Bank of Russia announced the commencement of a pilot scheme this month. The pilot program involves the participation of 13 banks and will progress through different stages over the next two years until the Digital Ruble is fully integrated into wider circulation by 2025.

To encourage participation, individuals and companies can open a single digital ruble account on the Bank of Russia’s official website without incurring any charges.

In addition to the fee structure, the Bank of Russia unveiled the official logo for the digital currency. The logo features two interconnected elements: a ruble sign enveloped by a circular frame. The design resembles a conventional coin and bears a resemblance to the logo of the Bank of Russia. The primary colors of the logo are coral, scarlet (a shade of red), and white. The Bank also mentioned that this logo would be incorporated into mobile banking applications.

It is important to note that the digital ruble bill was signed into law by President Vladimir Putin on July 24. The currency, which has been under development for the past two years, will serve as a third means of payment alongside cash and non-cash Rubles. The implementation of the digital ruble marks a significant step in Russia’s efforts to modernize its financial infrastructure and embrace digital innovations in the payment system.

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