Russia’s Ministry of Economy recently announced plans to begin collecting taxes in digital rubles from 2025. A digital Ruble is a digital version of the national currency. This move will enable the government to better monitor financial activities in the country and to reduce fraud, money laundering, and other illegal activities. The digital ruble will offer more secure transactions and easier tracking of funds. Additionally, it will reduce the costs associated with traditional money transfers, such as money transfer fees, and eliminate the need for physical cash transactions. The Ministry has stated that the use of digital rubles in taxation will be voluntary for now, but may become mandatory in the future.
