In a significant development, the Bank of Russia has announced that businesses and legal entities using the Central Bank digital currency (CBDC) will be subject to small fees starting in 2025. As per the statement, businesses accepting payments in digital rubles will face a 0.3% tariff, while companies providing housing and communal services will be charged 0.2%. Additionally, transfers between legal entities will incur a fee of 15 rubles per transaction.
However, the good news is that Russian citizens will enjoy free payments and transactions in the digital ruble, a move aimed at encouraging the adoption of the national digital currency. The Bank of Russia plans to initiate a pilot scheme involving 13 banks this month, with the scheme progressing through various stages over two years before the Digital Ruble is fully integrated into wider circulation by 2025. Notably, individuals and companies can currently open a digital ruble account on the Bank of Russia’s official website without incurring any charges.
The central bank presented the official logo for the digital currency, featuring the ruble sign embraced by a circular frame. The logo’s primary colors are coral scarlet and white, mirroring a traditional coin’s appearance and designed for integration into banking mobile applications.
The digital ruble has been in development for the past two years and recently became law on July 24, serving as a third payment method alongside cash and non-cash Rubles. This significant step marks Russia’s entry into the digital currency landscape and opens up new possibilities for the country’s financial ecosystem.
