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Bank of Russia May Impose Fee for Digital Ruble Conversion
Head of the Central Bank of the Russian Federation Elvira Nabiullina said that the fee should not be applicable to transfers within one bank as well as to C2C remittances.
The regulator is ready to discuss C2B transfer fees. Nabiullina clarified that it is necessary to take into account the policies of banks and the payment system. At the same time, the fee will be lower than the current one, which will reduce the costs of citizens and businesses.
“It is necessary to make the process as seamless as possible both technology-wise, and as regards the absence of significant economic barriers. However, if costs arise, they must be covered somewhere. It needs to be discussed where in particular they arise,” said the head of the Bank of Russia.
The Central Bank of the Russian Federation is also working to ensure that the digital ruble stays safe in case of loss of the carrier. This could be a key advantage of digital currency, Nabiullina said. Each digital ruble will have a unique number, so it can be restored if the gadget is lost.
The Bank of Russia governor added that the digital ruble is guaranteed by the central bank and will be preserved regardless of the bank the client is served by. This is a direct obligation of the Central Bank of the Russian Federation and does not need insurance in the Deposit Insurance Agency (DIA).