The Bank of Russia (BoR) has taken a significant step forward in its central bank digital currency (CBDC) project by revealing the digital ruble’s official logo. Additionally, the BoR has published the commission fee rates, which will come into effect from 2025.
On August 3, the BoR proudly presented the corporate identity of its digital currency, the digital ruble. The logo features an international ruble symbol enclosed within a circle, and it comes in four primary color combinations: red and white or black and white.
Commission Fees for CBDC Operations
Accompanying the logo reveal, the BoR has also disclosed the commission fees for various CBDC transactions. Until the end of 2024, all services related to the digital ruble will be completely free of charge. However, starting in 2025, there will be nominal fees for certain transactions:
- Business-to-Business Transactions: Each business-to-business transaction will incur a fee of 15 rubles ($0.16).
- Individual Customer Transactions: For transfers to commercial accounts, individual customers will be charged 0.3% of the total transaction sum. When paying for civil services, the fee will be 0.2% of the transaction amount.
Digital Ruble’s Legislative Progress, BoR’s Role and Operational Flexibility
The digital ruble project received a significant boost when Russian President Vladimir Putin signed the digital ruble bill into law on July 24. The CBDC officially went live on August 1, 2023, commencing with a pilot phase involving thirteen local banks.
The Bank of Russia will serve as the principal operator of the digital ruble infrastructure. The currency will operate as a payment and transfer method, coexisting alongside cash and non-cash rubles. BoR Governor Elvira Nabiullina has emphasized that citizens will not be compelled to use the CBDC; they can choose from multiple payment options.
BoR Deputy Governor Olga Skorobogatova has provided insights into the anticipated adoption of the digital ruble in Russia. The regulator does not expect widespread usage before 2025 and possibly not until 2027.
Crypto Legislation in Russia
While the digital ruble is gaining regulatory clarity, private digital currencies continue to remain largely unregulated in the country. Russian lawmakers have been postponing the introduction of cryptocurrency legislation. However, State Duma member Anatoly Aksakov has promised to pass four bills related to crypto mining, taxation, and international settlement of cryptocurrencies in May 2023.
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