Russia plans to begin collecting taxes in digital rubles from 2025. Russian Prime Minister Mikhail Mishustin announced the plan, noting that the introduction of a digital currency would help the country move closer to “new digital realities.” Digital rubles, he said, will allow Russians to make payments without relying on third-party payment systems. It will also help reduce the costs of transactions for businesses and citizens. Russia’s Finance Ministry has already begun to explore the potential of digital money. It has set up a working group to study the technology and develop the necessary legal framework. A more detailed plan is expected to be presented by the end of 2020. The digital ruble could have implications for crime and money laundering, too, as it could allow for better tracking of funds. Additionally, it could make it more difficult for people to evade taxes.
