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The Central Bank of Russia (CBR) has unveiled the official logo for its central bank digital currency (CBDC) project. The central bank has also published the commission fee rates that will come into effect in 2025 for CBDC services, which will be free of charge for all services until 2025.
Logo Presented to the Public
The Central Bank of Russia introduced the corporate logo of the digital ruble, its digital currency, to the public on August 3rd. The logo, which features an international ruble symbol within a circle, has four basic color combinations: red and white or black and white.
Along with the logo, the Central Bank of Russia also announced the commission fees for transactions on the CBDC side. All services will be free until the end of 2024, but starting from 2025, each inter-business transaction will cost 15 rubles (0.16 cents), individuals will pay 0.3% of the total transaction amount when transferring to commercial accounts, and 0.2% for civil services.
Legal Issues in Russia!
Russian President Vladimir Putin signed the digital ruble bill on July 24th. The CBDC was planned to officially launch on August 1st, 2023, starting with a testing phase with thirteen local banks.
The Central Bank of Russia will be the main operator of the digital ruble infrastructure. The currency will serve as a payment and transfer method. CBR President Elvira Nabiullina recently stated that citizens will not be forced to use CBDC because it will work alongside cash and non-cash ruble.
According to CBR Deputy Chairman Olga Skorobogatova, the regulatory authority does not expect mass adoption of the digital ruble in Russia before 2025 or even 2027.
While Russian lawmakers continue to delay the implementation of cryptocurrency legislation, private digital currencies remain largely unregulated in the country. State Duma member Anatoly Aksakov promised to pass four bills on cryptocurrency mining, taxation, and international settlement of cryptocurrencies in May 2023.
