Russian teases fee-free digital ruble transfers

Fees on transactions with Russia’s digital ruble will be the lowest on the market, according to its issuer, the monetary authority in Moscow.

While the regulator wants to start charging some operations a few months after the launch of the new form of Russian currency, it intends to permanently exempt others.

Bank of Russia extends grace period for digital ruble transactions

The Central Bank of Russia (CBR) has extended the grace period during which companies will not be charged fees for digital ruble transactions.

Russian businesses will be able to use the central bank digital currency (CBDC) free of charge until December 31, 2026, the regulator revealed and highlighted:

“After this period, the lowest fees in the payment market will apply.”

Starting from January 1, 2027, the fee for digital ruble transfers from individuals to legal entities will be set at 0.3% of the amount, but not more than 1,500 rubles.

A smaller fee, 0.2%, will apply to payments for housing and utility services, the Russian crypto news outlet Bits.media noted, quoting the bank on Monday.

Organizations will be able to transact with the digital incarnation of the national fiat for a flat fee of 15 Russian rubles per operation, the report detailed.

The exact rates can be seen on the financial authority’s website. Announcing its recent decision, the CBR also emphasized:

“For individuals, all digital ruble transactions, regardless of the grace period, will be free.”

The bank also stressed that all users of its CBDC will be able to open and close accounts on the digital ruble platform without any charges.

Russia prepares for gradual launch of its digital currency

The Russian central bank digital currency has been in the making for a few years, and trials began in 2023, when the Bank of Russia invited a limited number of banks, businesses, and individuals to take part in a pilot project.

Its launch for public use was initially planned for this year, but the Bank of Russia postponed it by a year to allow organizations to finalize the necessary infrastructure and prepare adequately.

New dates were determined for the introduction of the state-issued coin in several stages after President Putin urged its wide implementation during an economic forum earlier this year.

The CBR published the latest schedule in late June, and the timetable was approved by Russian lawmakers the following month.

According to the updated plan, Russia’s largest banks should be ready to start processing digital ruble transactions for clients on September 1, 2026.

The same deadline applies to trading companies with annual revenues of 120 million rubles or more (about $1.5 million), which are expected to offer customers the CBDC as a payment option.

Smaller banking institutions and retailers, those with an annual revenue of over 30 million rubles, have been given another year, by September 1, 2027, to begin supporting services for the third version of the Russian legal tender, after cash and bank money.

The deadline for all remaining banks and businesses was set to September 1, 2028. And merchants with annual revenues of less than 5 million rubles have been exempted from the strict requirements for now.

Not all in Moscow are keen on the Russian CBDC

While some Russian officials hope the digital ruble will become a widely used currency and add billions to the Russian economy, others are not so convinced.

The skeptics’ camp includes the head of Russia’s largest bank. In July, Sberbank’s CEO German Gref stated he was struggling to see its potential benefits.

At the same time, ordinary Russians remain wary of their nation’s sovereign coin. A recent poll showed that nearly half of them view it merely as a tool for government control over their finances.

This month, a high-ranking advisor at the Bank of Russia dismissed expectations for mass adoption of the digital ruble as storing value in the CBDC will be less profitable than traditional deposits.

“At the consumer level, the advantage of the digital ruble, well, it’s not obvious to me,” admitted Kirill Tremasov, who is an aide to CBR Governor Elvira Nabiullina.

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