Binance plans to launch a debit card in Russia

Binance, the cryptocurrency exchange, is working on launching a debit payment card in Russia, despite the forthcoming ban on cryptocurrency payments. This was reported by Cointelegraph.

The head of Binance’s operations in Russia, Gleb Kostarev, explained that the work on launching the Binance Card in the country aims to provide all users with an \”identical interaction experience\” in accordance with local laws.

\”Russia is an important market for us. We are working on launching the Binance Card in Russia, but we cannot yet name exact timelines or provide a legal comment on this issue,\” Kostarev said.

According to him, the Law on Digital Financial Assets has not yet affected Binance’s operations. The document is regarded as \”quite neutral\” by the company. But Kostarev acknowledged that further changes could threaten Binance’s activities in Russia.

Earlier, the cryptocurrency exchange confirmed plans to launch the Binance Card in partnership with Swipe. Cardholders will be able to pay for purchases with cryptocurrency without converting to fiat, and to transfer funds instantly from their Binance trading account.

Earlier in July, the State Duma approved the law \”On Digital Financial Assets\” in its third reading. It will take effect on 1 January 2021 and will limit the payment of goods or services with cryptocurrencies.

In September, the Russian Finance Ministry proposed banning the circulation and issuance of cryptocurrencies, except in cases of transfers by inheritance and for enforcement or bankruptcy proceedings.

Subscribe to ForkLog news on Twitter!