Digital ruble integrated into Russia’s tax system

On 7 December, the Russian State Duma passed a law to integrate the digital ruble into the tax regulation and oversight framework. This was reported by RIA Novosti.

The document introduces in the Tax Code the concept of a ‘digital ruble account’.

From January 1, 2025, the new asset may seized if there are insufficient funds or the absence of other funds in the citizen’s account.

Tax authorities will gain the power to suspend operations on digital ruble accounts and to require supporting documents for their deduction into the state budget.

Platform operators will be obliged to comply with tax oversight, and penalties will be established for violations of these requirements.

Moreover, the law lays out the taxation framework for operations with the new asset.

Earlier, President Vladimir Putin stated that ‘advanced solutions, including based on blockchain and CBDC‘ are capable of ‘ultimately undermine the monopoly of large Western banks’.

The law on the national cryptocurrency took effect August 1. Russian citizens will be able to use the new payment instrument in 2025–2027.

In September, the Ministry of Finance explained the accounting treatment of operations with the digital ruble.