Central Bank of Russia Announces Digital Ruble Logo and Commission Rates

Odaily Planet Daily News The central bank digital currency project being developed by the Russian central bank now has an official logo. The Bank of Russia also showed commission fees for different types of operations on its CBDC. All services will be free until the end of 2024, but from 2025 B2B transactions will be charged 15 rubles ($0.16) per transaction. Individuals will pay 0.3% of the transaction amount when transferring money to a business account and 0.2% of the transaction amount when paying for public services. (Cointelegraph) According to previous reports, Russian President Vladimir Putin signed the digital ruble bill on July 24. The bill is scheduled to take effect on August 1, 2023. Except for one rule, all other rules are ready for implementation. The third article includes amendments to several Russian federal laws, including those related to bankruptcy and inheritance, and is expected to come into force next August. The new legislation formally authorizes the Central Bank of Russia to launch the first CBDC pilot for real consumers in August. Previously, the government was expected to launch a pilot in April with 13 local banks, including major banks such as Sberbank. According to the newly signed law, the Central Bank of Russia will be the main operator of the digital ruble infrastructure and will be responsible for all stored assets. The digital ruble is designed to be used as a method of payment and transfer, not for investment purposes.