Binance To Launch Localized Stable Coins Resembling Facebook’s Libra

The world’s leading cryptocurrency exchange, Binance, has announced its 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 currently established financial hegemony while taking advantage of the company’s well-established position as a leader in the cryptocurrency field. 

The Birth of Venus

In an official announcement, Binance, the world’s largest and leading cryptocurrency exchange, has revealed that they intend to launch a new cryptocurrency called Venus. Being upfront as they always are, Binance didn’t hide that the inspiration was drawn from Facebook’s Libra which is currently meeting 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, it appears that Binance intends to launch localized stable coins which are intended to “progressively” replace traditional fiat currencies. 

Going further, the exchange also notes that it will leverage its position as an established blockchain enterprise which has managed to forge strong connections not only within the community but with regulators and other businesses as well. Binance will be providing the full technical support, multi-dimensional cooperation network, as well as risk compliance in order to ensure that Venus gets the job done. 

Promoting a Financial Change

The “Korean version” of Libra, as the statement calls it, aims to leverage emerging technology in order to quickly promote serious financial change. 

Binance explains that we’ve already seen a lot of jurisdictions jumping on the bandwagon, including Malta, Switzerland, Uganda, countries from Europe, and Africa, as well. Moreover, it also reads that the latest developments within the Shenzhen Special Economic Zone which included the research and the promotion of digital funds is a step in the right direction which will further facilitate the success of its cryptocurrency. 

Much like Facebook’s Libra, Venus also intends to abide by the existing regulatory frameworks, while Binance sets forth the things that have to happen in order for it to thrive. In the first place, the announcement states that central governments have to establish a strategic position on the matter of blockchain and stable currencies. They also say that private enterprises should be allowed to issue their own stable coins and to develop cross-border payment settlement systems. 

At the time of this writing, no further information is available on the matter. 

We’d like to stress out that Facebook’s Libra received mixed reactions from regulators across the globe which caused some to believe that the project won’t see daylight.