Crypto-related companies are trying to come with new ideas and the world’s largest crypto exchange by daily trading volume is not an exception. Recently, Russian lawmakers approved the country’s first crypto-related law in July. Russian President already signed this bill into law. This law forbids Russian residents from making crypto payments starting from January 2021.
Binance still plans to launch Binance Card in Russia despite the upcoming ban on crypto payments
It is worth noting that, the plan to introduce the Binance Card in Russia comes in line with its mission. As a reminder, the mission of the world’s largest crypto exchange is to provide all users with the same experience that complies with local regulations.
However, Binance is not ready to announce the anticipated launch date. Furthermore, the cryptocurrency giant is not ready to provide a legal comment regarding this topic at the moment.
Binance and its crypto debit card
Russia is an important market for Binance and as a result despite the upcoming ban on crypto payments, the cryptocurrency giant does not want to change its plan regarding the Russian market. Importantly, Binance Card is a crypto debit card.
Interestingly, this card enables payments in cryptocurrencies like Bitcoin. This card officially debuted in countries of the European Economic Area in July 2020.
However, the product’s rollout in Russia raises some questions. As stated above, Rusian President Vladimir Putin signed the country’s first crypto-related law in July.
Nevertheless, the newly passed law did not affect Binance’s business in any way. It makes sense, as the new law does not prohibit crypto assets turnover.
People should keep in mind that, the adopted version of the law does not fully cover all aspects of cryptocurrency regulation. Nevertheless, Binance expects additional threats to the industry. Russian regulators plan to introduce another crypto-related bill and can amend passed legislation. Thus, a new bill could make it harder or even impossible to launch this crypto debit card in Russia.