According to Russian news platform Telesputnik, President Vladimir Putin signed the bill, integrating the digital ruble into the country’s tax code.

The tax law includes a definition of a “digital ruble account” and establishes tax provisions for transactions using digital rubles.

Russia has been promoting the introduction of a digital ruble in order to avoid financial restrictions imposed by sanctions against Ukraine. President Putin signed the digital ruble bill in July. The Bank of Russia has been working on a digital ruble since 2020 as a central bank digital currency (CBDC) project.

The new tax law will allow authorities to recover digital currencies if there are insufficient funds in the taxpayer’s bank account.

The authorities can also suspend transactions in digital ruble accounts and require platform operators to provide documentation reflecting that funds have been withdrawn from taxpayers’ accounts.

The Central Bank of the Russian Federation previously said that from 2025 CBDCs should be available to citizens and businesses “on their own request.”

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Vladimir Putin’s Signature Brings Digital Ruble Into Russia’s Tax Code