Binance Ready To Launch Binance Card In Russia Despite CFA Law

Binance cryptocurrency exchange intends to launch a debit card Binance Card in Russia, Despite the Law on Tsf, prohibiting cryptocurrencies in the country.

Law "On digital financial assets (CFA) and digital currency "was signed by Russian President Vladimir Putin in July, and enter into force with 1 january 2021 of the year. According to the law, in Russia it will be forbidden to pay cryptocurrencies for goods and services, And also disseminate information about the acceptance of digital currencies as a payment.

but, According to the head of the Binance operating department in Russia and the CIS countries Gleb Kostarev, Binance mission is, to provide users around the world the same possibilities, fully observing local legislation.

“Russia is a very important market for Binance. We are working hard to launch Binance Card in Russia. However, we cannot call the exact date of the card output in this country, as well as give any legal comments on this issue ", He said.

According to Kostarev, The current version of the TsFA Law "does not cover all aspects of cryptocurrency regulation". Nonetheless, Further amendments to the law, proposed by the Ministry of Finance of the Russian Federation, can negatively affect the activities of the exchange in Russia. They involve the introduction of a fine before 1 million rubles and imprisonment for a period 7 years for surgery with cryptocurrencies.

Recall, that Binance introduced its own Binance Card debit card back in March. In July, this map became available on the territory of the European Economic Zone (Both) With support for BTC, Bnb и sxp (internal tokens Swipe and Binance), as well as stablecoin Busd. Binance management plans to introduce a card in 200 countries.

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