Moscow Forges Ahead with CBDC Moscow moves ahead with its plans to integrate the digital currency into its tax system with legislation expected to come before the end of the year.
The State Duma’s Committee on Budgets and Taxes has approved a bill that will allow tax authorities to regulate use of the digital ruble.
The bill will introduce concepts such as digital ruble wallets into the tax code and will exempt them from VAT.
It will also require parties to keep records of transactions and income in digital yuan wallets, as well as CBDC-related expenses.
The judiciary will be able to issue foreclose orders on digital rubble wallets in cases of bankruptcy.
Earlier this week, the Central Bank claimed that its cryptocurrency project was entirely separate from its efforts to launch a biometrics-powered identification platform.
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