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Starting in 2025, business-to-business transactions will have a fixed cost of $0.16 each, regardless of the transaction amount.
For individual customers transferring money to commercial accounts, they will be charged a fee of 0.3% based on the total transaction sum.
The Bank of Russia has unveiled the official logo for its central bank digital currency (CBDC) project. They have also released commission fee rates, which will only begin to apply in 2025. Until then, the fees will remain at zero points.
On August 3, the Bank of Russia revealed the corporate identity of its digital currency called the “digital ruble.” The logo features an international ruble symbol enclosed in a circle and comes in four basic color combinations: red and white, or black and white.
The Bank of Russia also revealed the commission fees for various operations with their CBDC. Until the end of 2024, all services will be free of charge.
However, starting in 2025, business-to-business transactions will cost 15 rubles ($0.16) each. For individuals transferring money to commercial accounts, they will pay 0.3% of the total transaction amount, and when paying for civil services, the fee will be 0.2% of the transaction sum.
Digital Ruble Becomes Law in Russia
On July 24, Russian President Vladimir Putin signed the digital ruble bill into law, setting its official launch date for August 1, 2023. The CBDC will begin with a pilot phase involving thirteen local banks.
The Bank of Russia will be the primary operator of the digital ruble infrastructure. The currency will be used for payments and transfers, but citizens will have the choice to continue using cash and non-cash rubles alongside the CBDC, as specified by BoR Governor Elvira Nabiullina.
According to BoR deputy governor Olga Skorobogatova, the regulator does not anticipate mass adoption of the digital ruble in Russia before 2025 or possibly even 2027. The introduction of cryptocurrency legislation remains postponed, leaving private digital currencies largely unregulated in the country. State Duma member Anatoly Aksakov pledged to pass four bills related to crypto mining, taxation, and international settlement of crypto in May 2023.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.