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    The Bank of Russia will take fees for CBDC and related transactions

    The Bank of Russia will take fees for CBDC and related transactions

     

    The central bank of Russia is slowly disclosing more information about Russia’s own upcoming cryptocurrency. And they will also take fees for transactions conducted using the declared currency. 

     

    The director of the bank of Russia, Kirill Pronin has reportedly stated that the transaction fees will be a lot less than that of wired transactions fees. Furthermore, he also announced that the CBDC (Central Bank Digital Currency) transaction fees would not be higher than that of the Faster Payment System of Russia (FPS). This system has been introduced in Russia to enable individuals to make instant payments. And to your surprise, it does not charge a single penny if the amount is less than or equal to 100,000 rubles. The transferred amount is more than that, and a fee of 0.5 percent is charged, but the amount does not exceed more than 1500 rubles at most.

     

    The Bank of Russia is planning to launch its first pilot project based upon CBDC in early 2022. This will act as the third option for individuals other than paying through cash and non-cash.

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