Binance previously announced the Binance bank card, which relies on digital currencies in its work, and a few days later we published an updated topic about the card, where Binance deleted the Visa logo from the back of the card in the initial designs on its official website.

in a forum the ban Yesterday’s virtual meeting told Changpeng Zhao that the Binance card will be a game changer, but it hints at problems in the future.

The CEO of Binance, known as “CZ”, explained how the upcoming Binance card will stimulate crypto transactions while speaking at the “Blockdown” virtual crypto conference, but he also hinted that there are issues with the card’s rollout and has not set a launch date yet.

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Payment card from Binance to solve two big problems

Announced last month, the Binance Card will allow users to purchase goods and services from merchants that do not accept crypto, using the funds in their Binance account.

“CZ” said that the bank card from Binance has two great advantages:

Or not The card will solve the so-called chicken-and-egg problem of merchants not accepting crypto because with less than one percent of their customers using crypto, it’s not worth their time. He stated:

The ability to swipe a credit card, and spend cryptocurrency, solves this problem.

The merchant is basically accepting crypto without knowing it from him as he accepts fiat currency, this will slowly solve the chicken and egg problem.

Second, the card will allow people to hold their cryptocurrency for a much longer period, rather than having to sell crypto before the transaction, and then convert it into cash. He stated in this regard:

You can now pay with crypto directly, you don’t need to do this transfer, you don’t need to keep this money in cash, you transfer when you have to pay.

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Implementation problems:

CZ was outspoken about the problems Binance had in implementing the card system, particularly because it had to be entered in each country, subject to local restrictions.

In Binance’s initial announcement of the card, it said it would be launching it for the first time in Malaysia and Vietnam.

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