Russian Central Bank sets tariffs for operations with digital rubles

MOSCOW. Aug 3 (Interfax) - The Bank of Russia has set tariffs for operations with digital rubles, and they will come into effect on January 1, 2025, the Central Bank said in a statement.

Payments and transfers in digital rubles for citizens will be free. The commission for transfers between legal entities will be 15 rubles per transaction.

The tariff for businesses for accepting payment for goods and services in digital rubles will be 0.3% of the payment amount, but not more than 1,500 rubles. The tariff for companies providing housing and communal services will be 0.2%, but not more than 10 rubles.

Individuals and legal entities will be able to open only one digital ruble account (digital wallet), and this can be done free of charge, the CBR said. Replenishment of these wallets from bank accounts or operations to transfer digital rubles from wallets to bank accounts will also be free.

The law on the introduction in Russia of a third type of national currency (the digital ruble) entered into force on August 1. Earlier, the Central Bank announced that in August it intends to start a pilot with real digital rubles with the participation of 13 banks.

The pilot will take place in several stages in 2023 and 2024. The first stage of testing will take place in the Friends and family mode with the participation of about 500 individuals. They will test the opening and closing of digital wallets, their replenishment and transfers between individuals, automatic payments and transfers, as well as payments and refunds for goods and services in digital rubles using a QR code. Payments will be tested by 30 commercial and service enterprises in 11 cities previously selected by banks and the CBR. During the next stages, the list of participants and tested operations will be expanded.

The introduction of the digital ruble into wide circulation is expected to begin gradually starting in 2025.