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Digital Ruble Added to Tax Law in Russia!

Digital Ruble

The President of Russia, Vladimir Putin, signed the law including the Digital Ruble in the tax law. This law includes some rules such as defining the accounts of the digital asset and taxing the transactions made with it.

You may be interested: COQ! A Crypto Investor Became a Millionaire with COQ.

As it is known, the war between Russia and Ukraine had affected the two states. Therefore, Russia sees this digital asset as a tool to escape from sanctions due to the war.

In July of this year, Putin announced the bill regarding the Digital Ruble. In addition, the Central Bank of Russia has already been working on this digital asset since 2020.

When will it come into effect?

With this new law, if taxpayers do not have enough money in their bank accounts, authorities will be able to reclaim the digital currency. In addition, authorized persons will be able to regulate transactions in the user’s digital asset accounts. They can suspend the transactions. Also, they will be able to access documents showing the taxpayer’s funds.

According to the announcement of the Central Bank of Russia, users (citizens, businesses, companies) will start using the digital ruble from 2025.


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