1. BITBILIHome
  2. Article

Bank of Russia unveils digital ruble details, logo, and fee structure

• 18 views

TL;DR Breakdown

  • The Bank of Russia revealed the logo and fees for the digital ruble. All services will be free until 2025.
  • The central bank does not expect mass adoption of the digital ruble before 2025 or 2027. It will co-exist with other forms of rubles.
  • Russia’s move to embrace digital currency comes amid economic challenges, marking a significant step in modernizing its financial system.

Description

On August 3, the Bank of Russia (BoR) unveiled the logo and details surrounding the country’s central bank digital currency (CBDC), the digital ruble. The logo consists of an international ruble symbol in a circle and comes in four basic color combinations. The BoR has also laid out its fee structure for various operations related … Read more

On August 3, the Bank of Russia (BoR) unveiled the logo and details surrounding the country’s central bank digital currency (CBDC), the digital ruble. The logo consists of an international ruble symbol in a circle and comes in four basic color combinations.

The BoR has also laid out its fee structure for various operations related to the CBDC. Until the end of 2024, transactions with the digital ruble will be free of charge. Afterward, a fee structure will be imposed, targeting both business-to-business transactions and individuals’ interactions with commercial accounts and civil services.

Russian President Vladimir Putin has approved the digital ruble’s pilot phase and is expected to go live in collaboration with thirteen local banks on August 1, 2023.

image 110Bank of Russia unveils digital ruble details, logo, and fee structure
The digital ruble symbol. Source: The Bank of Russia

A cautious approach to adoption and regulation of the digital currency

While the CBDC has officially been signed into law, the BoR anticipates a measured approach to the digital ruble’s mass adoption with Governor Elvira Nabiullina and deputy governor Olga Skorobogatova at the helm. The central bank does not foresee widespread usage of the digital currency before 2025 or 2027. The digital ruble will not replace cash; rather, it will operate alongside traditional cash and non-cash rubles, and citizens will not be obligated to use the CBDC.

Despite this advance towards a digital ruble, private digital currencies remain unregulated in Russia. Lawmakers continue to delay the introduction of cryptocurrency legislation. State Duma member Anatoly Aksakov promised to address four bills related to crypto mining, taxation, and international crypto settlement in May 2023.

Conclusion 

With Russia’s economy strained by Western sanctions following the invasion of Ukraine, the nation’s efforts towards the digital ruble have accelerated. The introduction of the CBDC symbol and commission structure indicates a significant step in embracing digital currency, offering an alternative form of payment and transfer while maintaining a cautious stance towards adoption. The implementation of the digital ruble also sends a clear message about Russia’s desire to modernize its financial infrastructure, even as the government continues to navigate the complexities of cryptocurrency regulation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Bank of Russia unveils digital ruble details, logo, and fee structure

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月5日 07:20
Next 2023年8月5日 08:04

Related articles

  • Unity reverses runtime fee policy following backlash

    TL;DR Breakdown Popular game engine maker Unity has reversed its decision to charge developers a runtime fee. Industry response and lingering concerns in the gaming community. Description Unity, the popular game engine maker, recently faced backlash from game developers over its revised Unity Runtime Fee policies. In response to the uproar on social media, Unity Create President Marc Whitten issued an apology and made significant revisions to the fee structure. The initial announcement of the new runtime fee model caused concern among … Read more Unity, the popular game engine maker, recently faced backlash from game developers over its revised Unity Runtime Fee policies. In response to the uproar on social media, Unity Create President Marc Whitten issued an apology and made significant revisions to the fee structure. The initial announcement of the new runtime fee model caused concern among smaller game developers who questioned its impact on their profitability. Unity reverses per-install basis charges Under the original plan, developers would be charged on a per-install basis once they reached specific revenue thresholds. In the wake of the criticism, Whitten…

    Article 2023年9月24日

  • U.S. banks resist as regulators plan global capital increases

    TL;DR Breakdown U.S. banks resist Federal Reserve’s proposal to raise bank capital requirements, citing overestimated risk and economic uncertainty. The proposal particularly targets non-interest income, affecting banks like American Express and Morgan Stanley that rely heavily on such revenue. Description In a contentious regulatory climate, leading U.S. banking institutions are rallying against a stringent financial reform measure that seeks to raise capital prerequisites. This initiative, led by the Federal Reserve, has been met with increasing trepidation from lenders, many of whom are still grappling with the aftermath of the banking turbulence in March. Concerns over … Read more In a contentious regulatory climate, leading U.S. banking institutions are rallying against a stringent financial reform measure that seeks to raise capital prerequisites. This initiative, led by the Federal Reserve, has been met with increasing trepidation from lenders, many of whom are still grappling with the aftermath of the banking turbulence in March. Concerns over non-interest revenue The primary cause of concern for the banking sector emanates from the proposed imposition of elevated capital charges on non-interest revenue streams. This encompasses various…

    Article 2023年6月25日

  • Tornado Cash indictment: Coin Center challenges money-transmission claims

    TL;DR Breakdown Coin Center argues that the evidence doesn’t conclusively prove any money-transmission-related crimes. Peter Van Valkenburgh emphasizes that Tornado Cash provides software for money transmission, not the actual money. Valkenburgh believes the indictment contradicts FinCEN’s guidance. Description On August 23, the U.S. Office of Foreign Asset Control (OFAC) made headlines. They accused Roman Storm and Roman Semenov of conspiring to operate an unauthorized money-transmitting enterprise. However, Coin Center, a prominent cryptocurrency advocacy organization, has since voiced its concerns. They argue that the evidence presented doesn’t conclusively prove any money-transmission-related crimes. Coin Center’s … Read more On August 23, the U.S. Office of Foreign Asset Control (OFAC) made headlines. They accused Roman Storm and Roman Semenov of conspiring to operate an unauthorized money-transmitting enterprise. However, Coin Center, a prominent cryptocurrency advocacy organization, has since voiced its concerns. They argue that the evidence presented doesn’t conclusively prove any money-transmission-related crimes. Coin Center’s research director, Peter Van Valkenburgh, has been particularly vocal. In a recent opinion piece, he emphasized that Tornado Cash merely offers software for money transmission. Significantly, it doesn’t provide…

    Article 2023年8月24日

  • China holds rates amid economic uptick: Smart move?

    TL;DR Breakdown China has kept its benchmark lending rates steady despite signs of economic recovery and a weakening yuan. The one-year loan prime rate (LPR) remains at 3.45%, and the five-year LPR is at 4.20%. The recent decline of the yuan against the dollar has prompted China to take measures to stabilize the currency. Description China’s decision to anchor its benchmark lending rates, despite visible economic progress and a weakening yuan, has stirred the financial waters. Many ask, is this a sign of unwavering confidence or a potentially perilous move? Economic Stabilization Triggers Pause in Monetary Easing Amid speculations, China’s financial arm decided to keep its lending rates steady. This … Read more China’s decision to anchor its benchmark lending rates, despite visible economic progress and a weakening yuan, has stirred the financial waters. Many ask, is this a sign of unwavering confidence or a potentially perilous move? Economic Stabilization Triggers Pause in Monetary Easing Amid speculations, China’s financial arm decided to keep its lending rates steady. This move might seem counter-intuitive to some, especially when the world’s second-largest economy…

    Article 2023年9月21日

  • French inflation rose in August ahead of ECB’s rate decision 

    TL;DR Breakdown French inflation in August surpassed expectations, reaching a 12-month rate of 5.7%, up from July’s 5.1%. The European Central Bank (ECB) is closely observing the inflation data to influence its upcoming decision on hiking the interest rates. Description French inflation accelerated more than anticipated in August, primarily due to a drop in food inflation that was outweighed by increased energy costs, according to initial EU-harmonized official data revealed on Thursday. The Insee statistical agency stated that French consumer prices rose to a 12-month inflation rate of 5.7% from July’s 5.1%. Insee attributed this … Read more French inflation accelerated more than anticipated in August, primarily due to a drop in food inflation that was outweighed by increased energy costs, according to initial EU-harmonized official data revealed on Thursday. The Insee statistical agency stated that French consumer prices rose to a 12-month inflation rate of 5.7% from July’s 5.1%. Insee attributed this rise to the surge in energy prices, as both regulated electricity expenses and oil prices experienced an uptick. Energy costs surged by 6.8% in August, in contrast…

    Article 2023年8月31日
TOP