Russia unveils official logos, fee structures for digital ruble
Russia’s central bank digital currency (CBDC) project, aka digital ruble, now has an official branding. Unveiled on August 3, the corporate logo features an international ruble symbol enclosed within a circle and is available in four color combinations, including red and white or black and white.
Accompanying the logo reveal, the Bank of Russia also published the commission fee rates for various CBDC operations. Until the end of 2024, all services related to the digital ruble will be free of charge. However, starting from 2025, there will be fees for certain transactions.
Business-to-business transactions will cost 15 rubles ($0.16) per transaction, while individuals will be charged 0.3% of the total transaction amount when transferring to commercial accounts and 0.2% when paying for civil services.
The fee rates mentioned above will become effective on January 1, 2025, following a zero-fee period for all transactions with the digital ruble on the regulator’s platform until that date.
Russia took a major leap towards the implementation of its CBDC last month after President Vladimir Putin officially signed the digital ruble bill into law.
This digital ruble, a concept that the Bank of Russia has been carefully considering for some time, will be employed for payments alongside other existing methods, as outlined in the amended Russia’s Civil Code. Once implemented, the coin will become the third form of money alongside physical cash and non-cash rubles. However, Russian citizens will not be obliged to transact with the CBDC, as the use of the digital ruble will be entirely voluntary, granting them the freedom to decide whether to adopt it or not.
The digital ruble project has been in the works since 2020, marked by the publication of the central bank’s first analytical report on the subject. Subsequently, the regulator updated the report to incorporate feedback from Russian banks and other participants in the financial market. The testing phase of the system was announced in February 2022, shortly before Russia invades in Ukraine.
As per the newly signed law, the central bank of Russia will serve as the primary operator of the digital ruble infrastructure and will be responsible for safeguarding all the stored assets. The digital ruble is primarily designed to function as a means of payment and money transfer, excluding investment purposes.