- The logo is the global ruble sign within a circle, and it comes in four color schemes.
- On July 24th, the digital ruble bill was signed into law by the Russian President.
The Bank of Russia (BoR) has unveiled the official logo for the CBDC initiative it has been developing in Russia. Commission fee rates have also been released by the central bank, and they are expected to rise above zero in 2025.
The Bank of Russia (BoR) unveiled the official identity of its digital currency, the digital ruble, on August 3. The logo is the global ruble sign within a circle, and it comes in four different color schemes: red and white, black and white, black and red, and black and black.
The BoR also unveiled the commission rates for certain CBDC transactions with the new logo. All services will be provided at no cost until the end of 2024; however, beginning in 2025, a fee of 15 rubles ($0.16) will be charged for each business-to-business transaction, and 0.3% of the entire transaction value will be charged when people transfer money to commercial accounts or pay for government services.
No Compulsion on Utilization
On July 24th, the digital ruble bill was signed into law by Russian President Vladimir Putin. Officially launching with a trial group of 13 local banks, the CBDC is scheduled to become operational on August 1, 2023.
Moreover, the Central Bank of Russia (BoR) will play a pivotal role in maintaining the digital ruble network. The currency may be used to make purchases and send money to other people. BoR Governor Elvira Nabiullina recently clarified that the CBDC would function alongside cash and non-cash rubles, meaning that citizens will not be compelled to utilize the CBDC.
Olga Skorobogatova, deputy governor of the BoR, has said that widespread use of the digital ruble in Russia is not expected until 2025 or 2027.
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