• The Bank of Russia (BoR) has revealed its official logo for its central bank digital currency (CBDC) project, the digital ruble.
• Starting from 2025, business-to-business transactions will cost 15 rubles ($0.16) each, while individuals would pay 0.3% of the total transaction sum when transferring to commercial accounts and 0.2% when paying for civil services.
• Private digital currencies remain largely unregulated in the country as Russian lawmakers are continuing to postpone the introduction of cryptocurrency legislation.
Digital Ruble Logo Revealed
The Bank of Russia (BoR) has revealed its official logo for its central bank digital currency (CBDC) project, the digital ruble. An international ruble symbol in a circle, the logo comes in four basic color combinations: red and white or black and white.
Commission Fees Announced
Starting from 2025, business-to-business transactions will cost 15 rubles ($0.16) each, while individuals would pay 0.3% of the total transaction sum when transferring to commercial accounts and 0.2% when paying for civil services until the end of 2024 all services will be free of charge.
Digital Ruble Launch Details
Russian President Vladimir Putin signed the digital ruble bill into law on July 24th with it officially scheduled to go live on Aug 1st 2023 starting with a pilot phase with thirteen local banks where BoR will be the principal operator of the digital ruble infrastructure . The currency will serve as a payment and transfer method but citizens won’t be forced to use it as it will operate along with cash and non-cash rubles according to BoR Governor Elvira Nabiullina recently specified .
No Mass Adoption Before 2025/2027
According to BoR deputy governor Olga Skorobogatova ,the regulator doesn’t expect mass adoption of the digital ruble in Russia before 2025 or even 2027as private digital currencies remain largely unregulated in the country as Russian lawmakers are continuing to postpone the introduction of cryptocurrency legislation State Duma member Anatoly Aksakov promised to pass four bills related to crypto mining taxation and international settlement Crypto by May 2023 .
Conclusion
The Bank Of Russia has developed an innovative project which could potentially help Russians utilize cryptocurrency more frequently in their day-to-day lives once it is launched by August 2023 however mass adoption is not expected until 2025/2027 due to lack regulations surrounding cryptocurrencies currently being discussed by Russian legislature members