Under this new legislation, a “digital ruble account” will be introduced as a distinct type of bank account, subject to the same tax regulations as traditional bank accounts. Importantly, transactions related to the opening and maintenance of digital ruble accounts, as well as transfers, will be exempt from value-added tax (VAT).
The law is scheduled to take effect on January 1, 2025. Furthermore, the law empowers tax authorities to temporarily suspend transactions on digital ruble accounts, which will be announced and coordinated with the Central Bank of Russia through the Federal Tax Service. Additionally, authorities have acknowledged that digital rubles can be collected from users’ accounts in cases where sufficient funds are not available.
However, according to a recent survey conducted by VTsIOM, a majority of Russians remain largely unaware of the new legislation concerning the digital ruble and the government’s plans for its widespread implementation in 2025. Meanwhile, the Central Bank of Russia, as noted by Olga Skorobogatova, the First Deputy Chairman, has already completed close to 14,000 transactions in 11 Russian cities since the launch of the digital ruble pilot project in August.