Vladimir Putin's Signature Brings Digital Ruble Into Russia's Tax Code
Russia's digital ruble has been incorporated into the country's tax code following a law signed by President Vladimir Putin. The tax code now includes a definition of "digital ruble account" and rules for taxing transactions with digital rubles. The digital ruble is part of Russia's strategy to bypass financial sanctions imposed due to its actions against Ukraine. The new law allows authorities to recover digital currency if a taxpayer's bank account lacks sufficient funds. It also enables authorities to suspend transactions on digital ruble accounts and mandates platform operators to provide documentation when funds are written off from a taxpayer's account. The Central Bank of Russia plans to make the digital ruble available for citizens and businesses by 2025.
