Business-to-business transfers will cost $0.16 per transaction starting in 2025, while transfers from individual accounts to commercial accounts will cost 0.3% of the entire transaction amount.
As Russia’s central bank digital currency (CBDC) project takes center stage, get ready to see a momentous leap into the future of money. Recently, the Bank of Russia (BoR) released the official symbol for its digital currency, the “digital ruble.”
This logo, which captures the essence of the country’s iconic ruble symbol and rises tall in a circle to represent a seamless fusion of heritage and innovation. The digital ruble logo is offered in four alluring color schemes, including red and white and black and white, which capture the spirit of modernity.
Related: Digital Ruble to Launch in Russia in 2023, Says Putin
Commission Fees Unveiled
The BoR also unveiled the eagerly anticipated commission rates for various activities involving the CBDC at the same time that the logo was revealed. Get ready for some thrilling news! All services relating to the digital ruble will be provided without any fees up to the end of 2024.
But as of 2025, companies doing business with other companies will have to pay a small tax of 15 rubles ($0.16) every transaction. In contrast, those making transfers to commercial accounts will only be required to pay a basic 0.3% of the total transaction amount, while those utilizing the virtual ruble to pay for government services would only be required to pay a minimal 0.2%. This cost structure puts accessibility and convenience first while paving the way for a smooth transition into the digital age.
The Future of Digital Currency
The countdown to the launch of the digital ruble officially began on July 24 after Russian President Vladimir Putin signed the legislation into law. The digital ruble began its experimental phase on August 1st, 2023, working with thirteen neighborhood banks to gauge its viability.
The digital ruble infrastructure will be managed by BoR, enabling it to function as a seamless payment and transfer method. It’s interesting to note that although the CBDC will peacefully coexist with both cash and non-cash rubles, citizens won’t be forced to use it. Elvira Nabiullina, governor of the BoR, has stressed the importance of user autonomy in order to ensure a seamless entry into this digital frontier.
Related: Russian lawmakers approve first reading of draft laws establishing CBDC regulation, issuance
As Russia takes a futuristic step into the world of digital currency, get ready to make history. Although it may take some time for widespread adoption, the journey is sure to be thrilling as the digital ruble opens up a whole new world of financial opportunities.
Keep an eye out for a future when the digital ruble redefines how we interact with and transact with money by embracing the potential of digital transformation!