Putin Green-lights Russian Digital Ruble Tax Law

Putin Green-lights Russian Digital Ruble Tax Law

The Russian government recently green-lighted a new law that would allow the Russian central bank to levy a tax on certain digital transactions involving the nation’s new digital ruble. The law, signed by President Vladimir Putin last Wednesday, is aimed at addressing tax evasion as digital ruble transactions become increasingly popular.

Under the new law, the Russian central bank could levy a tax on digital payments made in the digital ruble, the country’s new digital currency. The tax could be applied to any digital transaction involving the digital ruble and would be based on the value of the transaction. The law also bans anonymous digital payments, as users will now have to register with a bank before being able to make a digital transaction.

The new law is largely seen as a response to the growing popularity of the digital ruble, which has been adopted by numerous businesses and organizations since its launch in 2020. With the proliferation of digital payments, the Russian government is hoping to get ahead of any potential tax evasion schemes that could emerge with the growth of the digital ruble.

The law is also seen as a direct response to the US and other western countries’ focus on tracking and taxing digital currencies. By levying its own tax on the digital ruble, Russia can limit the influence of the US and other countries on its own financial transactions.

It remains to be seen how the new law will effect the popularity of the digital ruble, as it could put a dent in the currency’s usefulness. However, the Russian government is hoping that the new law will help solidify its control over the digital Ruble and create a more secure, transparent digital payments system.