Digital Ruble Lands in Tax System as Russia Ramps Up CBDC
- Russia has adopted a new law for taxing digital ruble transactions.
- The law covers digital ruble platform operators as well.
- The Deputy Minister of Finance said the digital ruble would stimulate foreign trade.
The President of Russia, Vladimir Putin, has signed new legislation that establishes rules for taxing digital ruble ( CBDC ) transactions, according to a report by a local media outlet.
The move comes after Russia’s central bank announced the start of real-world tests of the digital currency with 13 banks and limited clients on August 15 following the enactment of the digital ruble law in July.
Digital Ruble Introduced in Russia’s Tax System
As reported by local media outlet Telesputnik, Putin has signed new legislation dubbed the Tax Code of the Russian Federation, making it possible to establish legal relations related to transactions conducted in the digital ruble.
Further, the law establishes the obligations of the digital ruble platform operator and liability for the failure to fulfill them.
Other provisions of the legislation include specific taxations on the digital ruble, such as VAT exemption on opening and maintaining an account and transfer of funds using the digital currency platform.
While keen observers speculate that the digital ruble aims to circumvent the financial sanctions imposed on Russia after its Ukraine invasion, the report clarified that CBDC will “play an important role in international trade.”
Per Deputy Minister of Finance of Russia Alexey Moiseev, the digital ruble “is a tool of foreign trade in the EAU,” thanks to its potential to cut costs and reduce risks in international trade operations.
Read why Binance will end ruble P2P support in Russia:
Binance to End Ruble P2P Support as Part of Russia Exit
Stay updated on how Russia plans to seize crypto and CBDC in bankruptcy cases:
Russia Mulls Seizing Crypto and CBDC in Bankruptcy Cases
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitget futures PnL analysis upgraded
Bitget has enhanced its futures PnL analysis to help users better track their trading performance and PnL over specific periods. The upgraded tool features two components: account analysis and trade analysis. How to access PnL analysis? App: Futures account assets > Today's PnL Website: Futures acc
Celsius Begins Second Distribution of $127 Million to Eligible Creditors
Tether-backed Northern Data receives acquisition offer for its crypto mining unit