The piloting will include several stages to be completed in 2023 and 2024. The adoption of the digital ruble will be gradual and is expected to start in 2025.
The Bank of Russia Board of Directors has set the fees for transactions with digital rubles. „People will not have to pay any fee for digital ruble payments and transfers, which will maximise the affordability of transactions with the national digital currency.” according to the press release.
The fee for businesses accepting payments for goods and services in digital rubles will be 0.3% of the payment amount (but no more than ₽1,500). Besides, the fee for housing and utility companies will be 0.2%, but no more than ₽10. The fee for business-to-business transfers will equal ₽15 per transaction. The fees will become effective on 1 January 2025. Until this date, the Bank of Russia introduces a zero fee period for all transactions with digital rubles on the regulator’s platform.
Any person or company will be allowed to open one digital ruble account (digital wallet) on the Bank of Russia’s platform without any fee. Similarly, digital ruble transfers from bank accounts to digital wallets and from digital wallets to bank accounts will also be fee-free.
Also, the Bank of Russia Board of Directors has approved the logo of the digital ruble, a new form of the national currency. The logo is made of two elements: the symbol of the ruble and the circle around it that repeats the form of a traditional coin, on the one hand, and resembles the Bank of Russia’s logo, on the other hand.
„The logo of the digital ruble will be integrated into mobile banking apps through which users will be able to open their digital wallets and conduct transactions with digital rubles.” according to the press release.
The digital ruble is the third form of the national currency that will be issued in addition to cash and non-cash rubles. Digital rubles will become another means of payments and money transfers. Individuals and companies will be able to choose on their own which of the three currency forms they prefer in particular cases.
The Bank of Russia began to develop the digital ruble in 2021. This August, the regulator plans to start pilot testing of the digital ruble on real transactions with the participation of a limited number of clients of 13 banks.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
