RUSSIA IS FACING TOWARDS BLOCKCHAIN TECHNOLOGY TO COUNTER ECONOMIC ISOLATION
The State Duma, the lower house of the Russian legislature, has passed a bill to impose digital assets that exempt their sales from value-added tax (VAT) in the Russian Federation. Other digital commodity exchange services will also be released, according to the state-owned media service RIA Novosti.
In addition, the bill established a 13% tax rate on the Russian exchange of 5 million rubles (currently about $ 93,000) of the annual taxable base, 15% on the excess amount and 15% on the board all for foreign exchange users. . The current corporate tax rate is 20%.
The imposition of a digital goods tax under the bill is tantamount to mortgage taxes, reports RIA Novosti. The government noted in the bill that a separate digital goods tax system is essential for building a prosperous and competitive digital economy.
Russia has allayed its fears about cryptocurrency as the country continues to feel the pressure of Western economic sanctions stemming from its invasion of Ukraine. Russia's largest banks have been banned from the SWIFT system and G7 countries this week banned the purchase of freshly mined or refined Russian gold. Those measures, along with dozens of other sanctions, led to Russia's failure to pay its foreign debt on Monday.
Russian bank Sber is preparing to launch stablecoin, and Russia's first central bank vice-chairman Olga Skorobogatova said in an interview Thursday that the digital ruble test will be increased from 2024 to April 2023. An experimental project involving 12 Russian banks is underway.
“I think all the provinces that respect it will have a national digital currency within three years. […] We have to get ready very quickly. In addition, this will solve the SWIFT blockchain problem, as this integration will make SWIFT unnecessary, ”said Skorobogatova.