Bank of Russia Unveils Digital Ruble Logo, Commissions Fee Rates

The Bank of Russia (BoR) has unveiled the official logo for the central bank digital currency (CBDC) project. Additionally, the central bank has published commission fee rates that will not exceed zero points until 2025.

The Bank of Russia disclosed the corporate identity of its digital currency, the digital ruble, on August 3. The logo, a circle containing the international ruble symbol, is available in four basic color combinations: red and white or black and white.

The logo of the digital ruble. Source: The Bank of Russia

Alongside the logo, the BoR presented the commission rates for various CBDC operations. All services will be free until the end of 2024, but beginning in 2025, business-to-business transactions will cost 15 rubles ($0.16) each.

while individuals will pay 0.3% of the total transaction amount when transferring funds to commercial accounts and 0.2% when paying for government services.

On July 24, Russian President Vladimir Putin signed into law the digital ruble measure. The CBDC was scheduled to launch on August 1, 2023, beginning with a pilot phase involving thirteen local institutions.

The BoR will be the primary operator of the infrastructure for the digital ruble. The currency will be used as a method of payment and transmission.

Elvira Nabiullina, governor of the BoR, recently clarified that citizens will not be required to use the CBDC, as it will operate alongside cash and non-cash rubles.

According to BoR deputy governor Olga Skorobogatova, the regulator does not anticipate widespread implementation of the digital ruble in Russia until at least 2025 or 2027.

Russian legislators continue to postpone the introduction of cryptocurrency legislation, leaving private digital currencies largely unregulated.

Anatoly Aksakov, a member of the State Duma, pledged to pass four measures related to crypto mining, taxation, and international settlement in May 2023.