If I would use this card's <Delay> effect to digivolve my Digimon, can it digivolve into a [Reptile] trait Digimon card or a Digimon card with just the [Dragonkin] trait or [LIBERATOR] trait?
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No, you can't. It can only digivolve into a [Reptile] trait card or a card with both the [Dragonkin] and [LIBERATOR] traits.
Source: BT24-089 Unique Emblem: Blazing Conductor