The Russian Central Bank released the digital ruble’s brand identity and transaction tariffs, Russia’s CBDC project, which went live on August 1, 2023. In particular, all digital ruble services will charge no fees before 2025, according to the bank’s official website.
B2B Digital Ruble Transactions Will Cost $0.16 Each From 2025
On Thursday, the Bank of Russia unveiled the logo and commission fees associated with its central bank digital currency (CBDC) project.
According to the press release, all services related to the digital ruble will be free until the end of 2024. However, as of 2025, business-to-business (B2B) CBDC transactions will cost 15 rubles each, or $0.16. Meanwhile, individual users will be required to pay 0.3% of the total transaction worth when transferring funds to commercial accounts and 0.2% for payments related to civil services.
Apart from its tariffs, Russia’s central bank also published the brand identity of its CBDC. The logo, which comes in red and white or black and white combinations, consists of an international ruble symbol inside a circle.
Digital Ruble to Serve as Payment and Money Transfer Method
The unveiling of the digital ruble’s corporate identity and associated commission fees comes less than two weeks after Russian President Vladimir Putin signed the CBDC into law. The digital currency was scheduled to launch on August 1, as reported by the Tokenist last month.
The Bank of Russia will be the chief operator of the CBDC infrastructure. Notably, while the digital ruble will be primarily used as a payment and transfer method, the country’s residents will not be forced to use the new currency. Instead, the CBDC is set to operate alongside cash and non-cash rubles, BoR governor Elvira Nabiullina stated.
Russia’s central bank initially planned to launch a CBDC pilot on April 1. However, the move was postponed as specific legislation had to be approved by the country’s lawmakers first.
Meanwhile, China continues to lead the global CBDC race and remains the only jurisdiction to deploy a project of this type at scale. Bank of Russia, on the other hand, does not expect the mainstream adoption of the digital ruble to occur before 2025 or even 2027.
This article originally appeared on The Tokenist
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