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The Central Bank of the Russian Federation plans to make transfers of digital rubles between individuals free of charge

Transfers of digital rubles between individuals in the Russian Federation are planned to be made free of charge, and they may charge a commission for paying for goods, similar to the one currently in force in the Fast Payments System (FPS). This was stated by the first deputy chairman of the Bank of Russia Olga Skorobogatova at a press conference.

The Central Bank will finally decide on the issue of commissions later.

“While we tentatively believe that from the point of view of transfers from an individual to an individual it should be free of charge, from the point of view of transfers that are made in payment for goods and services, the commission can be set, but no more than it is now set in St. Petersburg.” – said Skorobogatova.

She also confirmed that the prototype of the platform for the digital ruble is planned to be presented by the end of this year, and the asset will be tested in 2022.

The Central Bank will act as the issuer of the digital ruble, the assets will be stored on electronic wallets in the Bank of Russia, and users will be able to access them through the applications of their banks.

For offline payments, a second digital wallet will be created directly on the user’s device.

It is planned to develop amendments to the legislation in early 2022. Earlier, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, spoke about the need for amendments to the laws in connection with the launch of the digital ruble.

At the first stage, the Central Bank will test transactions with the digital ruble with credit institutions for the simplest payments and transfers, “such as a transfer from an individual to an individual, payment for services from an individual to a legal entity,” Skorobogatova noted.

If the testing is successful, the Central Bank will start checking other transactions with the digital ruble, including transfers when paying taxes, receipts of budget payments and others.

Recall that the Central Bank of the Russian Federation presented a report on the issue of the digital ruble in October 2020. Read the detailed analysis of the document in the exclusive ForkLog.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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