Individuals have to pay as much as 0.3 percent of the transaction value.
The Russian President granted the law around the digital ruble last month.
The Bank of Russia yesterday (Thursday) revealed further details on its central bank digital currency (CBDC), including the symbol of the digital ruble and the commission structure.
Fees on Digital Ruble Transactions
The central bank will not charge any fees on digital rule transactions until the end of 2024. However, transaction charges will be imposed from 2025. It will cost 15 rubles ($0.16) for each B2B transaction, and for individuals, there will be a charge of 0.3 percent transaction charge for commercial account transfers and 0.2 percent for making payments to civil services.
As for the digital ruble logo, it makes use of the international digital ruble symbol inside a circle with four basic color combinations.
"The sign of the ruble is offset to the left and set in a circle that is positioned centrally. The vertical main line of the letter 'P' is located at a distance of 1/3 of the diameter and is connected to the circle, while the horizontal extensions also pass into the line of the circle," the official announcement added (translated from Russian).
"To ensure optimal legibility, the logo is always surrounded by a security field. No graphics, images, or text can fit in this space. The distance from the logo to other objects must not be less than the specified modulus."
Russia Moves Ahead with Digital Ruble
With its economy fractured by the Western sanctions following the invasion of Ukraine, Russia has accelerated its efforts towards the digital ruble. President Vladimir Putin ratified a law last month that introduced the digital rubble.
Earlier, Russia indefinitely postponed pilot testing of the digital rubble which was initially scheduled to run in April. A pilot was planned to go live in partnership with 13 local banks. However, with presidential approval in place, the pilot, which will test the application of digital currency in real-life transactions, is expected to go live this month.
The Bank of Russia, which will operate the CBDC, clarified before that the digital ruble will not replace cash, and the two will co-exist. Also, the adoption of the digital ruble will not be forced on Russians. The Deputy Governor of the Bank of Russia, Olga Skorobogatova also specified that the central bank is not executing mass adoption of the digital ruble before 2025 or even 2027.
The Bank of Russia yesterday (Thursday) revealed further details on its central bank digital currency (CBDC), including the symbol of the digital ruble and the commission structure.
Fees on Digital Ruble Transactions
The central bank will not charge any fees on digital rule transactions until the end of 2024. However, transaction charges will be imposed from 2025. It will cost 15 rubles ($0.16) for each B2B transaction, and for individuals, there will be a charge of 0.3 percent transaction charge for commercial account transfers and 0.2 percent for making payments to civil services.
As for the digital ruble logo, it makes use of the international digital ruble symbol inside a circle with four basic color combinations.
"The sign of the ruble is offset to the left and set in a circle that is positioned centrally. The vertical main line of the letter 'P' is located at a distance of 1/3 of the diameter and is connected to the circle, while the horizontal extensions also pass into the line of the circle," the official announcement added (translated from Russian).
"To ensure optimal legibility, the logo is always surrounded by a security field. No graphics, images, or text can fit in this space. The distance from the logo to other objects must not be less than the specified modulus."
Russia Moves Ahead with Digital Ruble
With its economy fractured by the Western sanctions following the invasion of Ukraine, Russia has accelerated its efforts towards the digital ruble. President Vladimir Putin ratified a law last month that introduced the digital rubble.
Earlier, Russia indefinitely postponed pilot testing of the digital rubble which was initially scheduled to run in April. A pilot was planned to go live in partnership with 13 local banks. However, with presidential approval in place, the pilot, which will test the application of digital currency in real-life transactions, is expected to go live this month.
The Bank of Russia, which will operate the CBDC, clarified before that the digital ruble will not replace cash, and the two will co-exist. Also, the adoption of the digital ruble will not be forced on Russians. The Deputy Governor of the Bank of Russia, Olga Skorobogatova also specified that the central bank is not executing mass adoption of the digital ruble before 2025 or even 2027.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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