The Bank of Russia spoke about fees for transactions with a digital ruble

The director of the financial technology department of the Bank of Russia, Kirill Pronin, said that the commissions of the digital ruble will be comparable to the commission for transfers to the SBP.

Kirill Pronin at the forum “The banking system of Russia: ensuring the availability of services and resources in the face of increasing risks”
reportedthat the commissions for transactions with the digital currency of the Central Bank will be lower than the commissions for wire transfers in the banking system and certainly not higher than in the Fast Payment System (FPS).

“We assume that commissions from transactions with the digital ruble will be lower than the existing commissions for non-cash transfers of market participants and will definitely not be higher than commissions for transactions in the Fast Payment System”.

The format of the state digital currency has not yet been finally approved. It is planned that it will be implemented as a unique cryptographic code that is stored in a special digital wallet. According to the government’s plans, the digital ruble will be used to buy goods and services in a similar way to the regular ruble. The Central Bank of Russia plans to start testing a prototype of the digital state currency in January 2022, and work is underway to create it. At the same time, a regulatory framework is being prepared to regulate the turnover of the digital ruble.

Recently, the Chairman of the Bank of Russia Elvira Nabiullina announced that the state digital currency will be introduced in Russia only if it is freely converted into cash and non-cash form of the Russian ruble. The parliamentary committees of the Russian Federation, despite the fact that they agree with the launch of the digital currency of the Central Bank, believe that banks and information security of Russia will suffer from its implementation.