BlockchainThe Bank of Russia intends to discuss with the...

The Bank of Russia intends to discuss with the market the commission for transfers in digital rubles

The regulator plans to discuss the concept of the digital ruble with the market by June, then it will start testing it.

By April 1, 2021, the Bank of Russia must present the concept of a digital ruble functioning model. First Deputy Governor of the Bank of Russia Olga Skorobogatova, speaking on the Clubhouse platform (an international audio-social network in which communication takes place in thematic rooms live), noted that the commission for transfers of digital rubles is possible, but the regulator plans to discuss this issue with the market. Accordingly, there is no final decision on the commission yet, Skorobogatova emphasized.

She did not rule out that in the end a decision would be made to dispense with the commission in transfers of the digital ruble. Now each bank sets its own tariffs for money transfers of individuals. Rates can vary considerably. In some cases, they even amount to 1% of the transfer amount.

As a reminder, on October 13, 2020, the Bank of Russia published a document called “Digital Ruble” for public consultation. This term is defined as an additional form of the Russian national currency to be digitally issued by the Bank of Russia. The digital ruble combines the properties of cash and non-cash rubles. Like non-cash money, the digital ruble makes remote payments and online settlements possible. On the other hand, like cash, the digital ruble can be used offline – if there is no Internet access.

“The main mission of the digital ruble is to make settlements and payments faster, easier, cheaper and more reliable,” explained Sergei Shvetsov, First Deputy Governor of the Bank of Russia, last November.

The regulator plans to discuss the concept of the digital ruble with the market until June 1, 2021, and then will start testing it. The Central Bank has already held discussions with representatives of payment systems, members of the FinTech Association and experts in the payment market, as well as with analysts in the field of macroeconomics.

“We, of course, believe that a digital wallet should open for free. In terms of transfers and transfer fees, these should be minimal fees. We do not plan to accrue interest on the balance on the wallet, “Bloomberg writes, referring to Olga Skorobogatova’s quote from Interfax.

By the end of 2021, it is planned to make a prototype, which from the beginning of 2022 can enter the phase of “accurate” testing, Skorobogatova indicated the timing.

Matthew Leising
Matthew Leising
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

Latest news

Sastanaqqam Collaborates with Boosty Labs and Reverb to Create Revolutionary Blockchain-based Ecosystem

Dubai, UAE, Feb 2, 2023, ZEXPRWIRE, Sastanaqqam, a blockchain-based company, is collaborating with Boosty Labs, a leading Ukrainian blockchain development...

The Popular Pets Is Helping Dog Lovers Enjoy This Valentine’s Day The Way They Want

The Popular Pets will reward one dog lover a people and pet wellness basket to share with their furry... Launches Sensor-Free Body Motion Tracking for Physiotherapy, Combining Privacy and Convenience

Philadelphia, PA, Feb 02, 2023, ZEXPRWIRE, is proud to announce the launch of a new physiotherapy technology that...

Neon Link Announces Limited Presale Of The $NEON Token That Will Power A Thousand Blockchain Games!

After a year of development and innovation in blockchain gaming technology, a GameFi pioneer company Neon Link is opening...

ICBM Expo – International Crypto Blockchain and Metaverse Expo Dubai

ICBM Expo – The Nucleus of Game Changing Technologies Dubai, UAE, Jan 24, 2023, ZEXPRWIRE, The biggest International Crypto, Blockchain, and...

Hiep Ha Building Materials Company are increasingly expanding in scale

Ho Chi Minh City, Vietnam, Jan 12, 2023, ZEXPRWIRE, Hiep Ha Construction Materials Company specializes in providing construction materials...

Must read

USD 19,500, the new key price of bitcoin to start an upward movement

Key facts: In the past, $19,500 has been a resistance...

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

The 10 rules to prepare for the crypto bear market by the savvy investor

While the Bitcoin and cryptocurrency market reached a record capitalization in...

Latin America’s E-commerce Giant Opens Up To Buying Bitcoin

Bitcoin (BTC) and cryptocurrencies are increasingly accepted every day for...

Binance Welcomes Arbitrum – Ethereum’s Second Layer!

For many months, the Ethereum (ETH) network has faced...

You might also like
Recommended to you