Binance, the world’s biggest cryptocurrency exchange, is initiating to launch “Venus,” by calling it as an “independent regional version of Libra,” as per the recent announcement. Binance further revealed that it is initiating a project that will develop digital assets and cryptocurrencies pegged to fiat currencies around the globe.
A glimpse of the announcement can be read from the below twitter link –
— Binance (@binance) August 19, 2019
Binance announced that it would launch Venus digital currency considering it has a presence in various nations, has its local blockchain Binance Chain set up, and hopes to demolish the financial dominance and reshape the world’s monetary framework. Moreover, Venus is an open blockchain venture to create localized stablecoins and advanced resources pegged to fiat currencies.
Binance further stated that it invites more organizations, governments, organizations, and associations with a strong influence on a worldwide scale to work together with it for the Venus project.
In a recent announcement by Binance, it says,
With its existing global blockchain ecosystem, Binance has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins. Since its launch last April, Binance Chain has been running securely and robustly and has issued a range of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound. Binance will provide full-process technical support, compliance risk control system, and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.
Facebook’s scheduled cryptocurrency Libra has an identical structure. It expects to serve the unbanked and encourage low-fee cash transfers worldwide. Moreover, Libra is anticipated to go live at next year same time, yet it has effectively confronted investigation from politicians and national banks around the globe. Facebook has recently declared that in a risk disclosure documented with the Securities and Exchange Commission that Libra may never be released because of a considerable regulatory investigation.
Besides, the IMF (International Monetary fund) has urged national banks to investigate digital currency, and different nations are pioneering their path towards cryptocurrencies. Moreover, the idea of regulatory and technical support from the greatest names in crypto will presumably entice few governments, and different associations, to move ahead with digital currency vision.