Putin Green-lights Russian Digital Ruble Tax Law

Russian President Vladimir Putin has given the green light to a new digital ruble tax law. The country’s legislature passed the law in late June 2020, which puts a 3% tax on digital ruble payments. The move is being viewed as an effort to promote the use of Russia’s new cryptocurrency, the digital ruble. It should also help to reduce the risk of fraud and money laundering for digital transactions. The digital ruble was officially launched in April of this year and will initially be available only to a limited group of users, including businesses and the government. It is still uncertain how it will interact with the existing legal tender currency, the ruble, in the future.