The Bank of Russia has revealed the official logo of the central bank digital currency (CBDC). It also stated all services will be free till the end of 2024. However, by 2025 commission fees will be placed on individual and B2B transactions.
The official logo for the digital ruble initiative developed by the Bank of Russia has been unveiled. In addition, the Bank of Russia has published commission fee rates that will be at most zero points until 2025.
The Bank of Russia disclosed the corporate identity of its digital currency on August 3. The logo, a circle containing the international emblem for the ruble, is available in four primary color combinations consisting of either red (or, more precisely, a Pantone Red 032C) and white or black and white.
Alongside the logo, the Bank of Russia displayed the commission fees for various categories of CBDC transactions. All services will be free until the end of 2024.
Beginning in 2025, B2B transactions will cost 15 rubles ($0.16) each, while individuals will pay 0.3% of the total transaction amount when transferring to commercial accounts and 0.2% when paying for government services.
On July 24, Russian President Vladimir Putin signed the digital ruble measure into law. The CBDC is scheduled to go into effect on August 1, 2023, beginning with a pilot phase involving thirteen local institutions.
The Bank of Russia will operate the digital ruble infrastructure as its primary operator. The currency will be used as a method of payment and transmission.
Elvira Nabiullina, governor of the Bank of Russia, recently clarified that no one will be compelled to use the CBDC, as it will operate alongside cash and non-cash rubles.
According to Olga Skorobogatova, deputy governor of the Bank of Russia, the regulator does not anticipate widespread implementation of the digital ruble in Russia until 2025 or even 2027.
Private digital currencies remain primarily unregulated in Russia as legislators continue to delay the introduction of cryptocurrency legislation.
In May 2023, Anatoly Aksakov, a member of the State Duma, promised to pass four laws concerning crypto mining, taxation, and international settlement.
