Remarkable Move from Russia: ‘President Putin Signed This Decision on the Digital Ruble’

According to local news platform Telesputnik, Russia’s digital ruble has officially become part of the country’s tax code following the signature of President Vladimir Putin.

Digital Ruble Included in Russia’s Tax Code with Vladimir Putin’s Signature

The latest addition to the tax code contains a clear definition of a “digital ruble account” and outlines the rules for taxing transactions involving digital rubles.

The move represents efforts to develop the digital ruble in part as a strategic response to financial constraints, including sanctions imposed over Russia’s actions against Ukraine.

President Putin signed the digital ruble bill in July, which is an important step in the development of Russia’s central bank digital currency (CBDC) project, launched by the Bank of Russia in 2020.

Under the new law, authorities have the power to take back digital currency in cases where there are insufficient funds in a taxpayer’s bank accounts.

In addition, it authorizes authorities to temporarily suspend transactions in digital ruble accounts, provided that platform operators provide documents reflecting the deduction of funds from the taxpayer’s account.

*This is not investment advice.