Russia's Central Bank reveals digital ruble's logo and fee structure

Russia's Central Bank (BoR) has introduced the official logo for its digital currency, the digital ruble. The logo is an international ruble symbol circled and comes in either red and white or black and white combinations. 

The BoR also disclosed commission fees for using the digital ruble, which will start in 2025. Until then, all services are free. From 2025, businesses will be charged 15 rubles ($0.16) per transaction, while individuals will pay up to 0.3% of their total transaction amount when transferring to commercial accounts, and 0.2% for civil services payments. 

Russian President, Vladimir Putin, signed the digital ruble bill into law on July 24th, with the currency going live on August 1, 2023. A pilot phase has begun with thirteen local banks. The digital ruble will be another payment method and won't replace cash or non-cash rubles.

The Bank of Russia will operate the digital ruble infrastructure, and it predicts mass adoption won't occur before 2025 to 2027. The digital ruble will be an optional payment method, not compulsory.

Private digital currencies in Russia are not yet regulated, and cryptocurrency legislation keeps being delayed. However, State Duma member Anatoly Aksakov has committed to pass four laws related to crypto mining, taxation, and international settlement of crypto in May 2023.