CoinDesk Analysis Team
CoinDesk
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.
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.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
AI crypto coins rally ahead of ChatGPT creator OpenAI plans to announce Google search competitor on Monday
Barely before the hype around NVIDIA stock gain is over, AI crypto tokens have another bullish catalyst coming their way, which could provide more tailwinds to drive the price of the sector’s tokens.
Ethereum needs a bullish trigger, Joseph Lubin blasts the SEC
Ethereum co-founder alleges that the SEC aims to stifle innovation through its enforcement actions against Ethereum-related companies. Grayscale CEO says he's optimistic the SEC would approve its spot ETH ETF application.
Franklin Templeton declares it’s “Base Season” as the Coinbase low-cost L2 sees significant rise in activity
Franklin Templeton, an investment firm with up to $1.46 trillion in assets under management, has declared that “It’s Base Season.” It comes amid growing activity on the low-cost ETH L2 solution.
Binance fined by Canadian financial regulator over AML violations
Canada's financial regulation body, the Financial Transactions and Reports Analysis Centre (FINTRAC), has fined Binance for refusing to abide by the status quo for all foreign monetary bodies in the country, according to a report on May 9.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.