{"id":74609,"date":"2023-10-19T21:45:06","date_gmt":"2023-10-20T01:45:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russian-govt-to-use-cbdc-for-taxes-and-benefits\/"},"modified":"2023-10-19T21:45:10","modified_gmt":"2023-10-20T01:45:10","slug":"russian-govt-to-use-cbdc-for-taxes-and-benefits","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74609","title":{"rendered":"Russian Gov\u2019t to Use CBDC for Taxes and Benefits"},"content":{"rendered":"<div>\n<ul>\n<li><i>Central Bank also wants to lift \u201call\u201d restrictions on the use of its digital ruble.<\/i><\/li>\n<li><i>Regulator claims that its CBDC will not replace cash or conventional forms of banking<\/i><\/li>\n<\/ul>\n<p>Russia\u2019s government intends to use the digital ruble to make welfare payments, and wants citizens to use the CBDC to pay their taxes.<\/p>\n<p>Per Finam, the Central Bank and the Ministry of Finance say they are \u201cexploring the possibility of using the digital ruble for government payments,\u201d and want to find ways to allow individuals and corporations to pay their taxes in CBDC tokens.<\/p>\n<p>The head of the bank\u2019s National Payment System department, Alla Bakina, stated:<\/p>\n<blockquote>\n<p>\u201cThe questions [of making welfare and benefits payments, as well as CBDC tax collection] keep coming up. We, together with the Ministry of Finance and the Federal Treasury, are looking at ways to use the digital ruble most effectively in this regard.\u201d<\/p>\n<\/blockquote>\n<h2>Russian Government Hoping to Pay Benefits, Collect Taxes Using CBDC?<\/h2>\n<p>China\u2019s digital yuan pilot appears to have had a considerable impact on Moscow\u2019s digital ruble rollout plans.<\/p>\n<p>The Chinese project has already expanded to the point whereby citizens in parts of the pilot zone can pay taxes using the digital yuan, with CBDC benefits payments also planned.<\/p>\n<p>Russian government and Central Bank officials appear keen to do likewise.<\/p>\n<p>In some parts of China, civil servants and other government employees are receiving part or the entirety of their salaries in e-CNY tokens.<\/p>\n<p>Meanwhile, Bakina also told attendees at a fintech-themed webinar that Russians would be free to spend their CBDC tokens however they please.<\/p>\n<p>The bank official said the bank \u201cdoes not plan\u201d to \u201cimpose any restrictions\u201d on the use of the digital ruble.<\/p>\n<p>She said:<\/p>\n<blockquote>\n<p>\u201cRestrictions on digital ruble spending \u2013 such as only allowing coins to be spent on a limited selection of goods \u2013 contradicts the logic of the digital ruble. [The CBDC] should be ubiquitous and convenient, so there will be no restrictions; it would make no sense to create any.\u201d<\/p>\n<\/blockquote>\n<h2>Russian Central Bank: Digital Ruble Won\u2019t Replace Cash<\/h2>\n<p>Per Interfax, Bakina also claimed that the token was not intended as a means of phasing out cash in Russia.<\/p>\n<p>She explained:<\/p>\n<blockquote>\n<p>\u201cI don\u2019t think that we will abandon non-cash payments. In fact, the share of non-cash transactions has already exceeded 80%.\u201d<\/p>\n<\/blockquote>\n<p>Bakina conceded that there \u201cis also a category\u201d of Russian people who are accustomed to using cash.<\/p>\n<p>She added that some merchants \u201conly accept\u201d cash as a form of payment can be used.<\/p>\n<p>Bakina concluded:<\/p>\n<blockquote>\n<p>\u201cI believe that we should have all sorts of possibilities [to make payments]. We need a variety of tools, including cash, cards, ordinary bank accounts, digital [ruble] accounts, mobile applications, and payment services. This helps [the economy], because it encourages competition between different forms of payment.\u201d<\/p>\n<\/blockquote>\n<p>The Central Bank still has work to do if it is to convince many Russians that its digital ruble project is worthwhile.<\/p>\n<p>Multiple surveys have indicated that many citizens are wary of the coin, or do not understand how it works \u2013 or if it will benefit them.<\/p>\n<p>Commercial banks have also expressed their own reservations on the matter.<\/p>\n<p>Earlier this month, the Central Bank was boosted by the news that Sberbank, the largest bank in Russia, will join the next stage of the digital RUB pilot.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/russia-govt-wants-use-its-cbdc-for-tax-collection-paying-benefits.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central Bank also wants to lift \u201call\u201d restrictions on the use of its digital ruble. Regulator claims that its CBDC will not replace cash or conventional forms of banking Russia\u2019s government intends to use the digital ruble to make welfare payments, and wants citizens to use the CBDC to pay their taxes. Per Finam, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":74610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-74609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russian Gov\u2019t to Use CBDC for Taxes and Benefits | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Central Bank also wants to lift \u201call\u201d restrictions on the use of its digital ruble.Regulator claims that its CBDC will not replace cash or conventional\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=74609\" \/>\n<meta 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