As an initiative developed by the Bank of Russia, the digital ruble launched its official logo. They also published that the commission fees would be zero until 2025.
On August 3, the Bank of Russia imparted the corporate identity of its digital currency. In the logo, a circle contains an international symbol of the ruble and is available in four primary colors’ combinations: red (or, more precisely, a Pantone Red 032C) and white, or black and white.
The Bank of Russia launched commission fees for various categories of central bank digital currency (CBDC) transactions which will be free until 2025.
After that, in 2025, B2b transactions will cost 15 rubles each. If there is a transaction to a commercial account, then an individual will pay 0.3% (not more than 1500 rubles) of the total transaction amount and 0.2% (not more than 10 rubles) while paying for government services.
Russian President Vladimir Putin signed the digital rubble bill into law on 24 July 2023. Beginning with the thirteen local banks, the CBDC will go into effect on August 1, 2023.
The BoR will be the principal operator of the digital ruble infrastructure. The currency will serve as a payment and transfer method.
The Governor of the Bank of Russia, Elvira Nabiullina, clarified that no one will be compelled to use the CBDC, as it will operate alongside cash and non-cash rubles.
Also Read: Russia to Possibly Start Ruble CDBC Pilot in August
