Golden Finance reported that the Russian Central Bank recently shared its business model for central bank digital currency (CBDC). All digital ruble transactions will be free by the end of 2025, with the first banks and merchants expected to go live on July 1. The central bank plans to earn fees by operating the system. Meanwhile, at a hearing in the State Duma last week, the Association of Banks of Russia (ABR) said banks were unhappy. They worry about possible outflows of bank deposits and the high cost of deployment. It is reported that the Russian Central Bank does not intend to limit CBDC holdings. ABR Chairman Anatoly Kozlachkov said each bank costs about 100 million rubles ($1 million) to set up, while some banks have as little as $3 million in capital, Info24 reported.