Binance crypto exchange announced plans to issue a payment card in Russia

The company warned that the implementation of the project will depend on regulation in the country. Digital Lawfinancial assets have already been adopted, but now the authorities are considering additional amendments to it

Binance crypto exchange is exploring the possibility of issuingown payment card in Russia, Ukraine and other countries of Eastern Europe, said Gleb Kostarev, head of Binance's representative office in Russia and the CIS, to RBC-Crypto. He explained that launching a product in Russia is heavily dependent on regulation.

“As you know, despite the fact that the law on CFAhas already been passed, regulators plan to pass additional amendments to it or a separate law on digital currency. Of course, if these initiatives turn out to be prohibitive, this will affect our local strategy and the launch of the card product, ”Kostarev stressed.

In early September, the Ministry of Finance proposed amendmentsaccording to which operations with bitcoin and altcoins will be limited, and miners will not be able to legally receive the cryptocurrency that they mine themselves. The document introduces an outright ban on any transactions with cryptocurrency, except for three cases: inheritance, bankruptcy and enforcement proceedings. It is proposed to introduce criminal and administrative liability for violations.

The community reacted extremely negatively toinitiative. The amendments should not be supported in the current edition, since they require significant revision, we are confident in the Russian Association of Cryptoindustry, Artificial Intelligence and Blockchain Technologies (RACIB).

In July, Binance launched a debit card onthe territory of the European Economic Area (EEA - includes all EU countries, as well as Iceland, Norway and Liechtenstein), Cointelegraph reported. The card supports BTC, BNB, SPX and BUSD. Users can register for a card through the official website of the company. They will receive a notification when the Binance Card becomes available in their country.

The product cooperates with the Swipe payment system andacts like a traditional debit card. Users do not need to manually convert cryptocurrency to fiat to pay for goods and services. The company hopes that in the future, the Binance Card will allow purchases at 46 million points of sale in 200 countries.

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