Markets news | Transfers of digital rubles between individuals in the Russian Federation will be free

First Deputy Chairman of the Central Bank Olga Skorobogatova said that transfers of digital rubles between individuals inIn Russia it is planned to make them free; a commission may be charged for paying for goods.

The Central Bank plans to present a prototype platform for the digital ruble by the end of 2021, and begin testing the currency in 2022.

At the first stage, it is planned to test operations with the digital ruble “for the simplest payments and transfers,” in particular transfers between individuals and from individuals to legal entities.

If we understand that these operations are goodwork, we see that the test participants understand and manage their operating systems, and we understand how liquidity is managed, we can move on to testing other operations, for example, transfers when paying taxes, receiving some budget payments, and so on

The rules for working with the digital ruble will be determined later, but preliminary the Central Bank expects that transfers between individuals should be free.

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 currently set in the Fast Payments System (FPS)

The Central Bank does not plan to set limits on balances in the digital ruble.

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