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Binance Paving ways to Grip on Russian Land Despite Crypto Payment Veto

Binance cryptocurrency exchange is confident to promote its crypto debit card in Russia no matter what the government plans to regulate the crypto in the country.

Earlier in July, Russia’s President Vladimir Putin signed a law to ban payments in cryptocurrencies for the exchange of goods and services in the country.

Russia’s first-ever crypto-focused directive prohibited the residents from making any payments in Bitcoin including other crypto assets for any utility purpose. Though, the transactions are possible in the digital financial assets. Reportedly, the law would come into effect from Jan 2021.

The Russian news outlet while citing the provisions mentioned that cryptocurrencies “can be an object of pledge, purchase, and sale transactions, exchange of one type of digital asset for another.” However, digital assets are not the monetary unit in Russia, as per the law.

Reportedly, Anatoly Aksakov, Chairman of the Committee of the State Duma of the Federal Assembly of the Russian Federation on Financial Markets; President, Association of Regional Banks of Russia (Association ‘Russia’) earlier stated that a second reading of the law would come in the autumn session as some of the vital concepts are missing in the first law.

So far, the event seems to not hampering Binance’s mission to be a behemoth in the cryptocurrency space. The world’s leading and most accepted blockchain and crypto-focused infrastructure provider with a financial product suite still endeavoring to launch the crypto debit card as a means of payment in 200 countries including Russia. However, the launch date is not yet disclosed.

Binance and CIS Director of Russia, Gleb Kostarev, while expressing his views on Binance’s progress to launch the crypto payment tool said that the company is hitting hard and the impending Binance crypto debit card is a part of Binance’s mission to facilitate platform users with all the convenience which are “fully compliant with local regulations.”

Reportedly, Kostarev said Russia is an important market for Binance. The establishment is working hard to launch the Binance crypto debit card in the region. However, at this point, people need to wait for any legal announcement and a precise launch date.

Earlier, Binance CEO Changpeng Zhao (CZ) demonstrated a glimpse of the Binance debit card in association with Swipe which is on the beta stage and is soon going to be launched in the United states.

The hyped Binance card purportedly allows the users to hold and transact cryptos fro “99% to 100%.”