Putin Green-lights Russian Digital Ruble Tax Law


Russian President Vladimir Putin has signed a law that will allow the government to tax digital payments made with the Russian digital ruble, also known as the CryptoRuble. The law, which was first announced in 2018, is intended to bring Russia’s payments system in line with international standards and be used to encourage the development of new technologies. It will also help the country to better protect citizens from cybercrime. It’s expected to take effect in 2021. Under the law, taxpayers doing electronic transactions with the CryptoRuble will be subject to a 15 percent flat tax on digital payments. The new law also includes anti-laundering measures, such as requiring digital currency platforms to report suspicious transactions to the Russian Central Bank. It also introduces regulations outlining the treatment of digital assets held in CryptoRuble wallets.

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