It seems that Russia’s upcoming restrictions on cryptocurrency transactions could not change Binance’s decision to launch a crypto debit card in Russia by the end of next year. However, as of now, the exact date of launch has not been announced by Binance on any platform, for which the investors are eagerly waiting to hear from the international crypto giant.
Binance crypto debit card is designed to enable payments in popular crypto-assets like the Bitcoin. The initial announcement regarding the launch of this debit card initiative read, “With the Binance Card, you can keep HODLing, and spend only what you need to make a payment.”
In July 2020, the Russian President Vladimir Putin signed a bill regarding the regulation of digital financial asset transactions that will be effective from January 2021. It is the first crypto-related law signed in the country that gives legal status to cryptocurrency as a property, but at the same time, prohibits the Russian residents from using cryptos as means of payments. This leaves Russian crypto miners and traders in a state of insecurity about the future of the crypto business in Russia.
However, such a move from the Russian government did not affect the business strategies of Binance, and they are still very hopeful for the launch of the first-ever crypto debit card in the country. So far, the launch of the crypto debit card has been remarkably successful in the European Economic Area. Therefore, Binance is very hopeful of its launch in Russia and the United States thereafter.