The Bank of Russia has taken a historic step by starting operations in digital rubles and offering free transactions until 2025. This decision is aimed at incentivizing Russian citizens to adopt the national digital currency and modernize the country’s financial system. In addition, the official logo of the Digital Ruble has been revealed, which shows an interesting combination of tradition and technology.
Free digital rubles until 2025
The Bank of Russia has announced that all digital ruble transactions will be free for citizens and businesses until 2025. This strategy seeks to encourage the use of digital currency among Russians and accelerate the adoption of the Digital Ruble. However, starting in 2025, fees will apply to companies and legal entities for the use of digital currency.
These fees will be relatively low, at 0.3% of the payment amount for businesses that accept digital ruble payments for goods and services, and 0.2% for businesses that provide communal services. It is important to note that natural persons will not be affected by these fees, which could further increase the popularity of the Digital Ruble among the population.
Pilot scheme and official logo
To launch this initiative, the Bank of Russia has announced a pilot scheme in collaboration with 13 banks, which will start this month. This pilot will take place in different stages over the next two years, with the goal of rolling out the Digital Ruble into wider circulation by 2025.
To give it its own identity, the bank has revealed the official Digital Ruble logo, which combines the ruble sign embraced by a circular frame. This choice not only seeks to represent the digital currency in a visually appealing way but also to reflect the continuity with the traditional currency.
Opening of digital accounts in rubles
One important piece of news is that both individuals and companies will be able to open a single digital ruble account on the official Bank of Russia website without incurring fees. This ease of access to digital accounts could accelerate the adoption of digital currency in the population since it will eliminate entry barriers and provide a simple and efficient user experience. In addition, the Digital Ruble logo will be integrated into mobile banking applications, which will further facilitate the daily use of this new currency.
To end
The Bank of Russia has taken a bold step by launching the Digital Ruble and offering free transactions until 2025. This move seeks to modernize the Russian financial system and encourage mass adoption of the digital ruble among citizens and businesses. With the pilot scheme underway and the opening of digital accounts free of charge, the foundation is laid for a successful transition to the digital age in the Russian economy.
The Digital Ruble not only represents a faster and more efficient means of payment but also an opportunity for the country to position itself at the forefront of digital currencies globally.
