The Central Bank of Russia has unveiled (1) the corporate logo and fee structures for the upcoming Central Bank Digital Currency (CBDC), known as the digital ruble. Transactions with this digital currency will start accruing fees from 2025.
Official Branding for CBDC Unveiled
On August 3, the Bank of Russia presented (2) the official branding for its CBDC, the digital ruble. The design incorporates an international ruble symbol enclosed within a circle and is available in four color combinations—red and white, and black and white.
Fee Structure in Place from 2025
While all transactions involving the digital ruble will be free till the end of 2024, charges will be applicable from 2025. Business-to-business transactions will incur a flat fee of 15 rubles (around $0.16), whereas individual transactions to commercial accounts will be charged at 0.3% of the total amount. Payments made for civil services will attract a 0.2% fee.
Digital Ruble's Launch and Adoption
Russian President Vladimir Putin signed the digital ruble bill into law on July 24. The CBDC is set to be launched on August 1, 2023, beginning with a pilot phase involving thirteen local banks. The Bank of Russia will be the primary operator of the digital ruble infrastructure, and it is projected that widespread adoption of the digital currency will not occur until 2025 or 2027 (3).
Despite this progress in the digital ruble development, the status of private digital currencies in Russia remains uncertain. Russian lawmakers continue to delay the introduction of cryptocurrency legislation, with the last promise to pass bills relating to crypto mining, taxation, and international settlement crypto made in May 2023.
