The Russian Central Bank (CBDC) virtual currency allocation developed through the Bank of Russia (BoR) has revealed its official logo. The central bank also published payment rates that would exceed 0 issues than in 2025.
On August 3, the BoR unveiled the visual identity of its virtual currency: the virtual ruble. Symbol of the foreign ruble in a circle, the logo is presented in 4 combinations of fundamental colors: red and white or black and white.
Along with the logo, the BoR introduced commissions for transactions with the CBDC. Until the end of 2024, all services will be free, but from 2025, business-to-business transactions will charge 15 rubles ($0. 16) each, while Americans will charge pay 0. 3% of the total transaction amount when moving to business accounts and 0. 2% for app payments.
Related: Russian CBDC until 2025? What about the virtual ruble?
Russian President Vladimir Putin signed the virtual invoice in rubles on July 24. The CBDC will officially go live on August 1, 2023, starting with a pilot phase with 13 local banks.
The BoR will be the main operator of the ruble’s virtual infrastructure. The currency will serve as a means of payment and transfer. Citizens will be forced to use CBDC because it will work with rubles in money and money, BoR governor Elvira Nabiullina recently said. .
According to Olga Skorobogatova, deputy governor of the BoR, the regulator expects a mass adoption of the virtual ruble in Russia before 2025, or even 2027.
Private virtual currencies remain largely unregulated in the country, as Russian lawmakers continue to postpone the arrival of cryptocurrency legislation. State Duma member Anatoly Aksakov has promised to approve four expenses similar to cryptocurrency mining, taxes, and the agreement on foreign cryptocurrencies in May 2023.
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