The central bank digital currency (CBDC) project, being developed by the Bank of Russia has now got its official logo. The Bank of Russia has also published commission fee rates, which would exceed zero points only in 2025.
Source: The Central Bank of Russia
On August 3, the Bank of Russia revealed the corporate identity of its digital currency. An international ruble symbol in a circle, the logo comes in four basic color combinations, which combine either red (or, more precisely, a Pantone Red 032C) and white or black and white.
Along with the logo, the Bank of Russia presented the commission fees for different types of operations with its CBDC. Until the end of 2024 all services will be free of charge, but starting from 2025 the B2B transactions would 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.
Russian President, Vladimir Putin, signed the digital ruble bill into law on July 24. The CBDC is officially scheduled to take effect from Aug. 1, 2023, starting with a pilot phase with thirteen local banks.
The Bank of Russia will be the principal operator of the digital ruble infrastructure. The currency will serve as a payment and transfer method. No one will be forced to use the CBDC, as it will operate along with cash and non-cash rubles, Bank of Russia governor Elvira Nabiullina has recently specified.
According to Bank of Russia deputy governor Olga Skorobogatova, the regulator doesn’t expect mass adoption of the digital ruble in Russia before 2025 or even 2027.
Private digital currencies remain largely unregulated in the country, as Russian lawmakers are continuing to postpone the introduction of cryptocurrency legislation. The last time State Duma official Anatoly Aksakov promised to pass four bills related to crypto mining, taxation and international settlement crypto, was in May 2023.