Russians pay fees for digital ruble transactions, says the central bank
Russians pay fees for digital ruble transactions, says the central bank
Users of the digital currency of the Russian Central Bank will pay a fee for each transaction, a high -ranking representative of the Bank of Russia recently said. However, the fee for the digital ruble will not exceed the fees currently made for fast payments in the country.
Bank of Russia raises fees for digital ruble transfers
The central bank of Russia ( cbr ) plans to collect fees for transactions with the digital rubles, announced Kirill Pronin, director of the department for financial technologies of the regulatory authority. The official emphasized that these commissions will be lower than the current fees for transfers in the banking sector.
In a speech on a forum under the motto "Banking system of Russia: guarantee the availability of services and resources in the face of increasing risks", Pronin continued to state that the fees will certainly not be exceeded the costs of transfers with Russia's faster payment system ( fps ). Cited by the business news agency Prime, he said:
We assume that the fees for transactions with the digital ruble will be lower than the existing fees for transfers for market participants and definitely not higher than the commissions in the FPS frame.
Russia introduced its Faster Payment System in January 2019. It enables Russian residents to only send money via a telephone number and to pay goods and services with a QR code. Transfers of up to 100,000 rubles per month (approx. $ 1,350) are free of charge. For transfers that exceed this amount, a fee of 0.5%, but no more than 1,500 rubles (approx. 20 USD) is collected.
The digital currency of the Central Bank of the Russian Federation ( CBDC ) Format. The digital rubles should implement as a unique code, stored in a special electronic wallet and become a full payment instrument in addition to the regular rubles in its other two incarnations - cash and bank money.
The Bank of Russia began to think about a digital ruble in 2018 and decided last year to examine the possibility of issuing the CBDC. A consultation paper was released in October 2020 to obtain feedback from actors from the financial sector and other interests. In April 2021, the authority published a concept for the digital ruble that outlines the basic architecture.
In June, the currency authority formed a pilot group that joined a dozen banks. CBR plans to complete the platform's prototype in December 2021 and to start the tests in January 2022. Elvira Nabiulllina, the chairwoman of the bank, recently indicated Rubel offers Russian citizens an alternative to cryptocurrencies and fiat-supported stable coins and at the same time enables cheap and reliable payments.
Do you believe that the Russians will prefer the digital ruble platform to the existing methods of money transfer? Tell us in the comment area below.
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