Bank of Russia

The most common hindrances cited include insufficient information about the technology (22%) and concerns about cybertheft and system failures (21%).

According to a recent survey conducted by the joint team of Saint Petersburg Exchange and the Russian Trading System (RTS), more than half of Russian citizens are willing to store their money in a central bank digital currency (CBDC). However, when it comes to storing more than 20,000 rubles (roughly $212), only 17% trust the digital ruble. 

The survey involved over 2,000 respondents across the country aged 18–65, and its results were published in the local newspaper Izvestia on Aug. 24. According to the report, 58.3% of responders are theoretically ready to put their money into the CBDC.

But the majority of them (23.8%) would transfer only a sum of 5,000 ($53) to 20,000 rubles ($212) to digital money. 9% of respondents can imagine storing 20,00–50,000 rubles ($212–$529) in the CBDC, 2% — an amount up to 100,000 rubles ($1,058). As to the idea of storing all their money in the central bank digital currency, only 2.4% are willing to do it.

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The most common hindrances cited include insufficient information about the technology (22%) and concerns about cybertheft and system failures (21%).

On Aug. 15, Russia began testing operations with digital rubles. The pilot tests involve the participation of 13 banks and a restricted group of their clients. The initial phase centers on perfecting fundamental operations. This phase prioritizes key processes including the establishment and funding of digital ruble accounts, facilitating individual-to-individual digital ruble transactions, streamlining automated payments, and innovatively employing QR codes for seamless purchase and service transactions

According to the first deputy governor of the Bank of Russia, Olga Skorobogatova, the bank’s strategy involves bringing the digital ruble into widespread use by 2025–2027.

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From 2025 B2B transactions will cost $0,16 each, while individual customers will pay 0.3% of the total transaction sum when transferring to commercial accounts.

The central bank digital currency (CBDC) project, being developed by the Bank of Russia has now got its official logo. The Bank of Russia has also published commission fee rates, which would exceed zero points only in 2025. 

Source: The Central Bank of Russia

On August 3, the Bank of Russia revealed the corporate identity of its digital currency. An international ruble symbol in a circle, the logo comes in four basic color combinations, which combine either red (or, more precisely, a Pantone Red 032C) and white or black and white.

Along with the logo, the Bank of Russia presented the commission fees for different types of operations with its CBDC. Until the end of 2024 all services will be free of charge, but starting from 2025 the B2B transactions would cost 15 rubles ($0,16) each, while individuals would pay 0.3% of the total transaction sum when transferring to commercial accounts and 0.2% when paying for civil services.

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Russian President, Vladimir Putin, signed the digital ruble bill into law on July 24. The CBDC is officially scheduled to take effect from Aug. 1, 2023, starting with a pilot phase with thirteen local banks.

The Bank of Russia will be the principal operator of the digital ruble infrastructure. The currency will serve as a payment and transfer method. No one will be forced to use the CBDC, as it will operate along with cash and non-cash rubles, Bank of Russia governor Elvira Nabiullina has recently specified.

According to Bank of Russia deputy governor Olga Skorobogatova, the regulator doesn’t expect mass adoption of the digital ruble in Russia before 2025 or even 2027.

Private digital currencies remain largely unregulated in the country, as Russian lawmakers are continuing to postpone the introduction of cryptocurrency legislation. The last time State Duma official Anatoly Aksakov promised to pass four bills related to crypto mining, taxation and international settlement crypto, was in May 2023.

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