Trading platform giant Binance announced the launch of the new Venus cryptocurrency which as explained is the regional version of Libra so let’s find out more in the altcoin news below.
The world’s trading platform giant Binance will launch Venus saying it is an independent regional version of Libra according to the announcement made earlier today. Binance noted that it is going to launch Venus because it has a presence in several countries and has its own blockchain Binance chain in place as well as the goal to break the financial hegemony and reshape the entire financial system of the world:
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”
Venus is an open blockchain project that will develop localized stablecoins and digital assets pegged to fiat currencies so Binance will start providing full process technical support, compliance risk control and multi-dimensional cooperation network in order to build the new cryptocurrency but also will leverage its existing infrastructure and regulatory establishments according to the co-founder of Binance. The exchange also noted that they welcome more governments, companies, and organizations that have a huge influence on a global scale in order to collaborate with it for the new Venus initiative.
Facebook’s cryptocurrency Libra has a similar structure. The goal is to serve the unbanked people and to facilitate low-fee money transfers around the world. Libra is expected to go live in the year 2020 but it has already faced scrutiny from many banks and politicians around the world. Facebook has stated recently in a risk disclosure filed with the Securities and Exchange Commission that Libra will never launch because there is no significant regulatory scrutiny. Binance, on the other hand, stated that it believes that Libra will grow at an exponential rate and will, therefore, reshape the world financial system. They also noted that Libra could bring changes more than the Internet did as per the announcements that we have in the latest cryptocurrency news:
“Instead of resisting change and losing the opportunity, it is better to embrace change. […] At the same time, ‘Libra’ needs to be developed in an orderly manner under the regulatory framework.’’
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