Binance, the current leading cryptocurrency exchange of the world, has declared its plans to launch the localized version of Facebook Libra that is known as Venus.
In this official announcement, they said that with having a good position as a leader in the world of cryptocurrency exchange, their main purpose is to compete with the current well established financial leadership.
Venus: Regional version of Facebook Libra
Binance is moving forward to launch the regional version of coins resembling Facebook’s Libra known as Venus. It was declared by the world’s most leading and largest cryptocurrency exchange company Binance in an official announcement.
Binance said that the idea was taken from Facebook’s Libra which is nowadays facing some serious problems and hurdles.
Binance is thinking about using the power of technological innovation in order to initiate the currency and develop Venus which is an independent regional version of Libra. The traditional flat currencies will be replaced by these regionalized stable coins after the launch.
Binance also says that with the launch of Venus it will make its position as a well-established enterprise of blockchain which has helped them in order to build up strong relationships within a community, with regulators and in other businesses as well.
In order to do a job, Venus would get the support of multi-dimensional cooperation networks, technological support and as well as risk compliance which would be provided by Binance.
Main Purpose behind Venus
This regional version of Libra would be aiming at the use of new technology which would be helpful in the promotion of financial change. Binance says that the different countries like Malta, Switzerland, Uganda, Europe, and Africa have been under the influence of jurisdictions.
Further Binance says that it’s cryptocurrency will get more success with the latest developments in the Shenzhen Special Economic Zone which involves the research and promotion of digital funds.
Venus is also using an existing regulatory framework that is used by Facebook’s Libra as well.
Binance also says in the announcement that for the blockchain matter and currencies stableness, the central government should make a new strategic position and should also give permission to the private enterprises, so that they could develop their own stable coins and cross-border payment-settlement systems.
As Binance is going to launch its regional version of Facebook’s Libra, so it may get some reactions from regulators as in the beginning the Facebook Libra received such reactions.