The Bank of Russia, the country’s central bank, has unveiled the official logo for the digital ruble. The logo of this digital currency becomes the new face of the so-called Central bank digital currency (CBDC) of Russia.
At the same time, the Central Bank of Russia also announced the interest rates for using the CBDC. Until 2025 you will not be charged for using this digital currency.
Visual identity of the digital ruble
On August 3rd it was announced how the visual identity of the digital ruble will look like. The logo of this digital currency consists of a coral red circle containing the international symbol of the Russian ruble. Four primary colors are given to the design: red and white; Black and white.
In addition to unveiling the logo, the Bank of Russia also presented the tariffs for using the digital ruble. There will be no transaction fees until the end of 2024. From 2025, transactions on the CBDC platform for personal and business accounts will be charged a commission of up to 0.3% of the total transaction amount, with a maximum of RUB 1,500 ($16). Business-to-business companies will pay an amount of RUB 15 (USD 0.16) per transaction transfer from 2025.
Third form of payment
The digital ruble is the third form of the Russian ruble and is also intended to serve as a means of payment and transfer. It will work alongside cash (banknotes and coins) and non-cash cash (bank account and bank cards).
According to the Governor of the Central Bank of Russia, Elvira Nabiullina, this new payment method will not exist forced to the citizens. “No one will force anyone to use the digital ruble. This is an absolutely voluntary use, it is an additional opportunity for humans.”
At the same time, Nabiullina expects that the digital ruble will be adopted, since it is more convenient to use and cheaper for both individuals and businesses.
CBDC pilot launched
In a previous Crypto Insiders news report, the President of Russia, Vladimir Putin, recently signed another law that gave the Central Bank of Russia the green light to launch the digital ruble. The legislation on the full digital version of the ruble came into force on August 1.
The pilot phase is expected to be carried out at 13 Russian commercial banks, including Bank of Russia and Sberbank. Banks will therefore not be phased out in this new development.
The final decision on the future use of the digital ruble will be made based on the results of all stages of the pilot project. The feedback from participants in the CBDC project will also play a major role in this.