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Russia will begin collecting taxes in digital rubles from 2025, according to a plan outlined by Russian Prime Minister Dmitry Medvedev on Wednesday.
The plan will involve the gradual phasing in of digital currency payments, beginning with tax payments and expanding to other payments such as pensions and other government benefits.
Medvedev said that the move would help streamline payments and reduce the cost of transactions, as well as help enhance the transparency of financial transactions in the country.
The digital ruble will be a central bank digital currency (CBDC) which will be issued by the Bank of Russia and held in electronic wallets, allowing users to transfer money without the need for a third-party intermediary such as a bank or payment processer.
The move is part of a larger effort by the Russian government to promote technological innovation in the financial sector. The country has already announced plans to launch a national blockchain platform, which is expected to be completed this year, as well as a series of other initiatives aimed at promoting innovation in the financial sector.