Bank of Russia Reveals Digital Ruble Logo and Commission Fees; CBDC to Launch in 2023
On August 3, the Bank of Russia (BoR) revealed the official logo for its central bank digital currency (CBDC) project, the digital ruble. The logo features the international ruble symbol enclosed in a circle and comes in four primary color combinations: red and white, as well as black and white.
Accompanying the logo, the BoR published details of the commission fees applicable to various operations with the CBDC. Until the end of 2024, all services related to the digital ruble will be offered free of charge. However, starting in 2025, business-to-business transactions will incur a fixed fee of 15 rubles ($0.16) per transaction. Individual customers, when transferring funds to commercial accounts, will be charged 0.3% of the total transaction amount. Additionally, there will be a 0.2% fee for payments made for civil services using the digital ruble.
The digital ruble project received approval as Russian President Vladimir Putin signed it into law on July 24. The CBDC is officially scheduled to launch on August 1, 2023, with a pilot phase involving thirteen local banks.
The Bank of Russia will serve as the principal operator of the digital ruble infrastructure. This new form of currency will facilitate payments and transfers, running alongside traditional cash and non-cash rubles. BoR Governor Elvira Nabiullina emphasized that citizens will have the freedom to choose between different payment methods, and the use of the CBDC will not be compulsory.
According to BoR Deputy Governor Olga Skorobogatova, the regulator does not expect widespread adoption of the digital ruble in Russia until 2025 or possibly even 2027.
In contrast to the digital ruble, private digital currencies continue to operate with limited regulation in the country. Russian lawmakers have been delaying the introduction of cryptocurrency legislation. However, State Duma member Anatoly Aksakov has promised to present four bills related to cryptocurrency mining, taxation, and international settlement of crypto in May 2023.
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