The bank explained that this would incentivize Russians to use the national digital currency.
Russia’s central bank said transactions in the country’s digital ruble currency will be free by 2025, according to an August 3 statement.
After 2025, businesses and legal entities that use central bank digital currencies (CBDCs) for transactions will be charged a small fee for use. Part of the statement reads:
“The tariff for businesses accepting payments for goods and services in digital rubles will be 0.3% of the payment amount (but not more than ₽1,500).”
Meanwhile, the tariff for companies providing housing and public services will be "0.2%, but not more than 10₽".
The commission for transfers between legal entities is 15 rubles per transaction.
Russian citizens will also enjoy free payments and transactions in the digital ruble. The bank explained that this move will incentivize Russians to maximize the use of the national digital currency.
The bank confirmed that a CBDC pilot program will begin this month with the participation of 13 banks. It added that the program will continue in different stages over two years until the digital ruble enters wider circulation in 2025.
At the same time, individuals and companies can open a single digital ruble account on the official website of the Central Bank of Russia without paying any fees.
The digital ruble's logo is revealed
The central bank further unveiled the official logo of the digital currency, which consists of two interrelated elements: a ruble sign surrounded by a circular frame. This design not only resembles traditional coins, but also resembles the logo of the Bank of Russia.
The main colours of the logo are coral scarlet (a shade of red) and white, the bank said, adding that the logo will be integrated into the bank mobile application.
On July 24, Russian President Vladimir Putin signed the digital ruble bill into law. The currency has been in the works for the past two years and will serve as a third payment method in addition to cash and the non-cash ruble.
