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Vladimir Putin's Signature Brings Digital Ruble Into Russia's Tax Code
The tax code now contains a definition of "digital ruble account" and has rules for the taxation of transactions with digital rubles.
Updated Mar 8, 2024, 7:01 p.m. Published Dec 21, 2023, 6:24 a.m.
Russia’s digital ruble has been integrated into the nation’s tax code after its President Vladimir Putin signed the move into law, according to local news platform Telesputnik.
The tax code now contains a definition of “digital ruble account” and has rules for the taxation of transactions with digital rubles.
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Russia has been pushing forward with its digital ruble, in part as a means to circumvent financial restrictions in the form of sanctions imposed on it for its actions against Ukraine. Putin signed the digital ruble bill into law in July. The Bank of Russia has been working on the Digital ruble as a central bank digital currency project since 2020.
The new law will allow authorities to recover digital currency if the taxpayer does not have enough funds in their bank accounts.
It also permits authorities to suspend transactions on digital ruble accounts and requires that the platform operator provide documents to reflect funds have been written off from the taxpayer’s account.
Russia’s Central Bank has previously said that citizens and businesses should be able to use the CBDC “at their own request" starting 2025.
Read More: Russian Lawmaker Predicts That Digital Ruble Will Displace Banks
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