Digital Ruble Pilot Extended Until Launch
The Bank of Russia has provided an update on the digital ruble pilot, stating that it will continue until at least the end of 2024 and possibly beyond. The central bank clarified that the pilot project must be completed before the digital ruble can be launched into mass circulation. Currently, the pilot involves only 13 banks and a limited number of clients, but the bank is prepared to expand the scope in 2024 by adding more participants and use cases.
No Fees for Individual Customers
The Bank of Russia has announced that individual customers will not be charged any fees for using the digital ruble. This includes operations such as opening and topping up digital wallets, making payments for purchases and services, and completing transfers. The bank believes this will give citizens more freedom in choosing their preferred payment method, whether it be cash, digital money, or non-cash transactions.
Flat Fee for Businesses
While individual customers enjoy fee-free transactions, businesses will be required to pay a flat fee of 0.3% for accepting payments in digital rubles. Despite this fee, the digital ruble is already being utilized in cross-border payment systems, such as the one being developed to facilitate transactions between Russia and the United Arab Emirates.
Hot Take: Digital Ruble On the Horizon
The Bank of Russia’s decision to extend the digital ruble pilot until its official launch demonstrates the central bank’s commitment to developing a fully functional digital currency. With no fees for individual customers, the digital ruble aims to provide more payment options and financial freedom for citizens. Although businesses will incur a small fee, the digital ruble’s inclusion in cross-border payment systems is a positive sign of its growing acceptance and usability on a global scale. As the pilot project progresses, the Bank of Russia is poised to establish the digital ruble as a significant player in the world of central bank digital currencies.
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