Putin's Pen Ushers Digital Ruble into Russia's Tax Code

• Russia Integrates Digital Ruble into Tax Code
• Push for Digital Ruble in Russia
• New Law's Implications
• Usage of Digital Ruble by 2025

Russia Integrates Digital Ruble into Tax Code

The integration of Russia's digital ruble into the country's tax code has been signed into law by President Vladimir Putin, as reported by local news outlet Telesputnik. The tax code now includes a definition for digital ruble account and outlines the taxation rules for transactions involving digital rubles.

Push for Digital Ruble in Russia

Russia's push for its digital ruble is partly a move to bypass financial sanctions imposed due to its actions against Ukraine. The digital ruble bill was signed into law by Putin in July. The Bank of Russia has spearheaded the Digital ruble project, a central bank digital currency initiative, since 2020.

New Law's Implications

The newly signed legislation allows the recovery of digital currency by authorities if the taxpayer's bank accounts are insufficiently funded. The law also empowers authorities to halt transactions on digital ruble accounts. It furthermore mandates platform operators to provide documentation to verify that funds have been debited from the taxpayer's account.

Usage of Digital Ruble by 2025

The Central Bank of Russia has previously stated that citizens and businesses are expected to start using the CBDC at their own request beginning 2025. This is in keeping with a Russian lawmaker's prediction that the digital ruble will eventually replace traditional banks.

Edited by Jonathan Stoker