Ukraine is all set to get its first crypto payment card in 2022. Binance is working towards launching its crypto card payment, and it is likely to be done in the next few months, according to company officials. The Ukrainian government is not having any issues with accepting such payments as long as they are converted to fiat at the time of transaction.
As of now, direct transaction in BTC or other cryptocurrencies is not allowed in Ukraine. While there is no ban on transactions using such currencies, such assets are still not considered as legal tender in this region. Binance is trying hard to push the use of such currencies by offering its crypto payment card. Apart from that, the company is also working towards developing NFTs and fan tokens to improve the transactions.
Binance executives said that there is no need to have fiat currency in the crypto payment card, and the cryptocurrency will be converted to fiat at the time of transaction. Officials of the Ukrainian government have insisted that there are no issues with accepting the payments from such cards as long as they are converted to fiat.
Interestingly, countries like Russia do not have such provisions, and they have banned crypto payments. Binance tried to launch the crypto payment card in Russia, but things have not materialized so far due to various prohibitions. Company executives said that Russia is not their priority at the moment, and they want to focus on the Ukraine operations as things are looking positive in this region.