Following President Putin’s digital ruble bill endorsement on July 24, the Bank of Russia (BoR) has ramped up its Central Bank Digital Currency (CBDC) launch plans. On August 3, the bank unveiled the corporate identity of the digital ruble. Also, the central bank published the commission fee rates for digital ruble transactions.
Russia Unveils Digital Ruble Logo, Free Transactions
According to the Bank of Russia website, the official digital ruble logo has four color combinations. The logo comprises an international ruble symbol in a circle, with a red symbol on white background, white on red, black on white, or a white symbol on black background.
Besides the logo, the BoR announced the commission fee for various categories of CBDC transactions. It stated that all CBDC services will be free of charge until the end of 2024.
Then from 2025, every business-to-business transaction will cost 15 rubles, or $0.16. Individual or private transactions will cost 0.3% of the total transaction sum on transfers to commercial accounts. But there will be a 0.2% cost for civil service payments.
Bank Of Russia Doesn’t Expect Mass CBDC Adoption Until The Next Four Years
It bears mentioning that President Vladimir Putin endorsed the digital ruble bill into law on July 24. This law allows the Bank of Russia to issue its digital currency, the digital ruble. The President’s approval came after the State Duma conducted the third and final reading on July 11, and the Federal Council approved it on July 19.
Notably, the digital ruble bill recognized the Bank of Russia as the chief operator and overseer of the digital ruble infrastructure. But while digital currency will be a payment method, citizens will not be forced to use it.
The bank scheduled the official launch of the CBDC on August 1. However, it will commence with a pilot phase with 13 local banks. According to the Bank of Russia Governor, Elvira Nabiullina, the digital ruble will be an alternative payment and will be a transfer method alongside cash and non-cash rubles.
The Bank of Russia deputy governor Olga Skorobogatova said the central bank doesn’t expect mass adoption of the digital ruble in 2025 or 2027. Meanwhile, privately issued digital currencies like Bitcoin are still unregulated in Russia. Lawmakers have continued to delay the introduction of legislation for digital currency.
State Duma member, Anatoly Aksakov, pledged to pass four crypto-mining, taxation, and international settlement-related bills in May 2023. However, the bills have met some roadblocks since there hasn’t been an update since May.