Bank of Russia weighs commissions on digital ruble operations

The owners of the digital ruble will pay commissions for performing operations with the asset. This was stated by Kirill Pronin, director of the Bank of Russia’s Department of Financial Technologies, пишет «Prime».

The exact size of the commissions is still being discussed by the regulator.

“We expect that the fees for performing operations with the digital ruble will be lower than the existing fees for cashless transfers among market participants and certainly will not be higher than the fees within the Faster Payments System,” Pronin said.

The Faster Payments System (FPS) was launched in Russia at the end of January 2019. With it citizens can transfer money to each other by phone number, and also pay for goods and services via a QR code. Transfers up to 100,000 rubles per month within the system are free. For transfers above this amount a fee of 0.5% of the transfer is charged, but not more than 1,500 rubles per transfer.

Today the State Duma will discuss regulator-proposed monetary policy proposals for the next three years.

Earlier, Central Bank governor Elvira Nabiullina attributed the popularity of cryptocurrencies to the possibility of fast payments; in her view, the FPS has met this need.

The Bank of Russia and the Ministry of Finance confirmed plans to launch the national digital currency as the third form of money by 2030.

Testing of the new financial instrument will take place across 12 banks in the first quarter of 2022.

According to Elvira Nabiullina, the domestic CBDC will become a full-fledged replacement for cryptocurrencies for Russians.

The State Duma Committee on Financial Markets, in turn, believes that the digital ruble poses risks to the Russian financial sector and the sphere of information security.

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