• The Bank of Russia announced that transactions in the country’s Digital Ruble currency would be free until 2025.
• After 2025, businesses and legal entities transacting with the Central Bank digital currency (CBDC) would be charged a small fee for their usage.
• Russian citizens will also enjoy free payments and transactions in the digital ruble.
Bank Of Russia Kicks Off Digital Ruble Operations
The Bank of Russia has announced that it is kicking off its operations with the national digital currency, known as the Digital Ruble. Transactions using this currency will be free until 2025 for both businesses and citizens alike.
Free Transactions Until 2025
The Bank of Russia has said that all transactions in the country’s Digital Ruble currency would be free until 2025. This includes both businesses and legal entities transacting with the Central Bank digital currency (CBDC). After 2025, these entities will then be charged a small fee for their usage.
Fee Structure For Businesses & Legal Entities
The tariff for businesses accepting payments in digital rubles will amount to 0.3% of the payment amount (with a maximum charge of ₽1,500). Companies providing housing and communal services have a tariff rate of 0.2%, but not more than ₽10 per transaction. Transfers between legal entities are subject to a 15-ruble charge per transaction.
Free Payments and Transactions For Citizens
In addition to businesses and legal entities, Russian citizens will also enjoy free payments and transactions when using the digital ruble. The bank believes this incentive could encourage more people to use the national digital currency instead of traditional methods such as cash or bank transfers.
Conclusion
The Bank of Russia has taken steps towards making its national digital currency more accessible by offering free transactions until 2025 for both businesses and individuals alike. By doing so, they hope to incentivize citizens to use this new form of money over traditional methods such as cash or bank transfers.
Comments are closed, but trackbacks and pingbacks are open.