Russia’s Central Bank Will Impose Fees on CBDC transactions

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No country wants to be left behind in the race to adopt a Central Bank Digital Currency (CBDC). While some nations have taken the lead, others are making significant progress in the creation of a national stable coin.

For the longest time, Russia has been in the works of building a CBDC. A recent study revealed key aspects of the yet-to-be-released digital currency.

According to the document, the Russian government has declared that it will charge for transactions conducted using the digital ruble.

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Bank of Russia aims for small charges

The platform will charge users less compared to wire transfers; according to a comment by the Bank of Russia’s financial technology director.

Furthermore, users will not pay more than what they paid in the Faster Payment System.

The Faster Payment System is a payment method that allows individuals to conduct transactions conveniently across banks in Russia. Users who wish to use the FPS will not meet any charges; unless their transactions exceed $1,360.

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While an individual will not pay over $20 for each transaction; the bank will impose a 0.5% levy on any transaction that exceeds the $1,360 range.

Bank of Russia’s governor opposed to cryptocurrencies

According to a previous news item, the Russian Central Bank is formulating plans to implement acid tests on its digital bank by early next year. Russians will use the digital ruble alongside cash and online payments across the country, complementing the two most widely accepted means of exchange.

According to the nation’s largest bank, one of the main advantages that digital currency will have over other payment methods is its reduced transaction fee.

The country’s central bank chief, Elvira Nabiullina, claims usage of CBDCs will eliminate the need for digital assets like Bitcoin. According to her remarks at the Russian state Duma, Nabiullina stated that governments worldwide should stop pushing individuals towards the use of digital assets.

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