Russia Incorporates Digital Ruble into Tax Code, Bolstering Control and Oversight

Russia’s President Vladimir Putin has officially embedded the nation’s digital ruble into the tax code, a move solidifying the currency’s legal status, as reported by Telesputnik. The amended tax code now explicitly outlines the concept of a “digital ruble account” and delineates taxation protocols for transactions involving this digital currency.

This development reflects Russia’s persistent efforts to promote and advance the digital ruble, a strategic maneuver aimed partly at navigating around economic constraints like sanctions imposed due to the country’s actions concerning Ukraine. The legislation regarding the digital ruble was enacted by Putin in July, cementing the trajectory set forth by the Bank of Russia’s CBDC project, initiated back in 2020.

One notable aspect of this new law grants authorities the power to recuperate digital currency in cases where taxpayers lack sufficient funds in their conventional bank accounts. Moreover, it empowers authorities to freeze transactions conducted via digital ruble accounts, while mandating platform operators to furnish documentation detailing deductions from the taxpayer’s account.

Notably, Russia’s Central Bank has previously outlined plans for citizens and businesses to access the CBDC voluntarily, slated to commence in 2025. This move signifies a significant step in the integration of digital currency into Russia’s financial landscape, underlining a more controlled and monitored economic framework.

 

Source: Coindesk

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