The State Duma of the Russian Federation in the second and third readings adopted amendments to the Tax Code, which will integrate the digital ruble into the tax system.

The document introduces the concept of a “digital ruble account,” which will be a separate type of bank account. The tax treatment on such accounts will be the same as on a regular bank account. At the same time, operations related to opening and maintaining a digital ruble account, as well as transfers, are exempt from VAT.

The law comes into force on January 1, 2025. The law provides for the suspension by tax authorities of transactions on digital ruble accounts. Such operations will be announced by the Federal Tax Service of Russia in agreement with the Central Bank of the Russian Federation. The authorities also admitted that it will be possible to collect digital rubles if the user does not have enough funds in his account.

According to the results of a survey by VTsIOM, the majority of Russians still know practically nothing about the new law on the digital ruble and the authorities’ plans for its mass implementation in 2025. As Olga Skorobogatova, First Deputy Chairman of the Central Bank of the Russian Federation, said earlier, since the start of testing the digital ruble pilot project in August, the Bank of Russia has carried out almost 14,000 transactions in 11 Russian cities.