Central bank digital currencies have become something that no country wants to be left behind regarding its development. Although some countries are in front regarding its development, others are doing pretty well with their preparations. One such country is Russia, whose CBDC has been in the works for quite a while. In a recent report, the country has revealed another critical detail of the yet-to-be-released digital currency. According to the report, the government of Russia has announced that it will take charges from transactions carried out using the digital ruble.
Bank of Russia aims for small charges
According to the statement of Kirill Pronin, the director of financial technology at the Bank of Russia, users would incur charges that are smaller than that of wire transfers. The report also claims that the director mentioned that users would not be charged an amount higher than the one paid in the Faster Payment System.
The Faster Payment System is a payment method that allows users to make speedy transactions across banks in Russia. Launched in 2019, users who intend to carry out transactions using the FPS will not be charged any fees, provided their transactions are up to $1,360. Provided a user wants to exceed that range, the bank would levy a 0.5% charge on such transactions. However, users cannot be charged more than $20 for one transaction.
