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- The emblem features the global ruble symbol encircled, available in four color variations.
- On July 24th, the digital ruble legislation was enacted by the Russian President.
The Bank of Russia (BoR) has introduced the official logo for its central bank digital currency (CBDC) initiative currently in development. The central bank has also disclosed the commission fee structures, which are anticipated to exceed zero starting in 2025.
The Bank of Russia (BoR) revealed the official branding of its digital currency, the digital ruble, on August 3. The logo consists of the global ruble symbol within a circular design, offered in four distinct color combinations: red and white, black and white, black and red, and all black.
The BoR additionally announced the commission rates for specific CBDC transactions featuring the new logo. All services will be free of charge until the end of 2024; however, starting in 2025, a fee of 15 rubles ($0.16) will apply to each business-to-business transaction, and a charge of 0.3% of the total transaction amount will be imposed for transfers to commercial accounts or payments for government services.
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On July 24th, the digital ruble legislation was signed into law by Russian President Vladimir Putin. The CBDC is set to officially launch with a pilot group of 13 local banks, scheduled to commence operations on August 1, 2023.
Furthermore, the Central Bank of Russia (BoR) will be instrumental in overseeing the digital ruble network. The currency can be utilized for purchases and transferring funds to others. BoR Governor Elvira Nabiullina recently emphasized that the CBDC will operate alongside cash and non-cash rubles, indicating that citizens will not be obligated to use the CBDC.
Olga Skorobogatova, deputy governor of the BoR, has indicated that widespread adoption of the digital ruble in Russia is not anticipated until 2025 or 2027.
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