The international cryptocurrency giant Binance is not going to abandon the launch of the Binance card in Russia despite the impending ban on cryptocurrency payments.
Binance, the world’s largest cryptocurrency exchange by daily trading volume, is working on the launch of its debit card for cryptocurrencies in RussiaA senior executive told Cointelegraph on September 7th.
Gleb Kostarev, Binance’s chief of operations for Russia and the CIS, says that The plan to introduce the Binance card in Russia is in line with Binance’s mission to provide all users with “the same experience that is fully compliant with local regulations”..
However, Binance is not yet ready to announce the expected launch date or provide legal comments on the matter.Kostarev noted:
“We strive to offer all Binance users the same experience that is fully compliant with local regulations. Russia is an important market for us. We are working on the introduction of the Binance card in Russia, but we cannot yet identify it.” exact publication date or make a legal comment on the matter. “
Announced in April 2020 The Binance Card is a debit card for cryptocurrencies that can be used to make payments in cryptocurrencies such as Bitcoin (BTC).. “With the Binance Card you can keep HODLing and only spend what you need for a payment,” says the first announcement of the Binance Card.
The card is expected to be accepted in 200 regions around the world Binance Card debuted officially in countries of the European Economic Area in July 2020. The new product should will be available soon in the US.
Since the Binance Card is a pay-by-design crypto tool, the launch of the product in Russia raises some questions. In July 2020 the President of Russia Vladimir Putin signed the country’s first law on cryptocurrencies, which officially prohibited Russian residents from making payments in cryptocurrencies such as Bitcoin from January 2021..
According to Kostarev, the newly passed law does not seem to have had any impact on Binance’s business so far. “The passed version of the law had no impact on Binance’s business.”said the executive. The law on digital financial assets is “fairly neutral” and does not prohibit the exchange of crypto assets, said Kostarev.
The executive also noted that The adopted version of the law “does not fully cover all aspects of the regulation of cryptocurrency.”. However, Binance continues to expect new threats to the industry as Russian regulators plan to introduce another bill related to cryptocurrencies and they can change passed laws, noted Kostarev.
After the passing of the Law “On Digital Financial Assets” in July 2020 Russia prepares to pass another law, “On Digital Currency”, in late 2020. On September 3, the Ministry of Finance from Russia proposed a number of changes that would ban all cryptocurrency transactions except those made through inheritance, bankruptcy and legal process..