Bank of Russia kicks off digital ruble operations with free transactions until 2025
The bank explained that this would incentivize Russians to use the national digital currency.
The Bank of Russia said transactions in the country’s Digital Ruble currency would be free till 2025, according to an Aug. 3 statement.
After 2025 businesses and legal entities transacting with the Central Bank digital currency (CBDC) would be charged a small fee for their usage. Part of the statement reads:
“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).”
At the same time, the tariff for companies providing housing and communal services will be “0.2%, but not more than ₽10.”
The commission for transfers between legal entities will be 15 rubles per transaction.
Russian citizens would also enjoy free payments and transactions in the digital ruble. The bank explained that this move would incentivize Russians to maximize the operations of the national digital currency.
The bank confirmed that a pilot scheme for the CBDC would begin this month with the participation of 13 banks. It added that the scheme would continue into different stages within two years until the Digital Ruble goes into wider circulation by 2025.
Meanwhile, individuals and companies can open a single digital ruble account on the Bank of Russia’s official website without incurring charges.
Unveils Digital Ruble’s logo
The central bank further unveiled the official logo for the digital currency, comprising two interconnected elements: the ruble sign embraced by a circular frame. This design not only resembles a conventional coin but also bears a resemblance to the logo of the Bank of Russia.
The bank stated that the logo’s primary colors are coral scarlet (a shade of red) and white, adding that the logo would be integrated into banking mobile applications.
On July 24, President Vladimir Putin signed the digital ruble bill into law. The currency has been in the works for the past two years and would serve as a third means of payment alongside cash and non-cash Rubles.