Russia has announced plans to begin collecting taxes in digital rubles from 2025. This plan, which was announced by Deputy Prime Minister Maxim Akimov, marks the latest move by the Russian government in its attempt to create a digital version of the national currency. According to Akimov, the digital ruble will “make our lives easier” and provide a “key tool” to the government’s digitalization efforts.
The plan involves introducing the digital ruble as a pilot project in two local regions, the Moscow and Nizhny Novgorod regions. The project aims to provide citizens with an easy and secure way to make payments, as well as create a comprehensive and uniform taxation system. It will also allow for quick and transparent accounting between the government and citizens.
The digital ruble will be linked to the existing Russian currency, the ruble, and will be backed by the Central Bank of Russia. It will be accessible to citizens via a digital wallet and other digital payment systems.
The digital ruble’s launch is being overseen by the Bank of Russia and the Ministry of Finance. The project is expected to be fully implemented by 2025, though the exact timeline is yet to be determined.
This introduction of a digital ruble and its use in taxation reflects a global trend among countries to move towards digital currencies and cashless payments. Countries such as Sweden, China, and the United States are also exploring similar initiatives. The Russian government’s move is not unexpected, given its aggressive push towards digitalization.
It is yet to be seen how effective this initiative will be and what its implications may be. It is hoped that this move will promote digital payments, reduce costs, and improve the overall efficiency of the taxation system in Russia.
