The world’s leading cryptocurrency exchange, Binance, has announced plans to launch a “regional version” of Facebook’s Libra called Venus. According to the official announcement, the main idea behind the cryptocurrency is to battle the established financial hegemony while taking advantage of the company’s position as a leader in the cryptocurrency field.
The Birth of Venus
In the announcement, Binance, the world’s largest cryptocurrency exchange, stated that it intends to launch a new cryptocurrency called Venus. Being upfront as always, Binance didn’t hide the fact that inspiration was drawn from Facebook’s Libra, which is currently facing serious regulatory hurdles.
Binance “hopes to use the technological innovation power given by the times to instigate a new currency and create an independent “regional version of Libra” called Venus. By the looks of it, Binance aims to launch localized stablecoins which are intended to “progressively” replace traditional fiat currencies.
The exchange also noted that it will leverage its position as an established blockchain enterprise that has managed to forge strong connections not only within the community but with regulators and other businesses. To that end, Binance will provide full technical support, a multi-dimensional cooperation network, as well as risk compliance.
Promoting Financial Change
The “Korean version” of Libra, as the statement terms it, aims to leverage emerging technology in order to promote financial change.
Binance notes that we’ve already seen a lot of jurisdictions jump on the crypto bandwagon, including Malta, Switzerland, Uganda, and countries from Europe and Africa as well. Moreover, it claims that the latest developments within the Shenzhen Special Economic Zone including research and promotion of digital funds is a step in the right direction and likely to facilitate the success of its cryptocurrency.
Much like Facebook’s Libra, Venus will abide by existing regulatory frameworks, and Binance’s statement laid out the things that will have to happen in order for Venus to thrive. First, central governments will have to establish a strategic position on the matter of blockchain and stablecoins. Moreover, private enterprises should be allowed to issue their own stablecoins and develop cross-border payment settlement systems.
We’d like to stress that Facebook’s Libra received mixed reactions from regulators worldwide, which has caused some to believe that the project won’t see the light of day.