The world's largest cryptocurrency exchange Binance plans to introduce the Venus project, which, according to reports from the company, will be an independent, regional version of Libra.
Binance explains that the decision to issue Venus was formed because the company provides its services to customers from several countries, it has its own blockchain – Binance Chain, as well as the desire to destroy the “financial hegemony” and change the global financial system.
Yee Hye, co-founder of the Binance crypto exchange, noted that the crypto exchange team believes that in the future stablecoins will replace traditional fiat money in countries around the globe, forming a new standard for the digital economy.
Venus is an open blockchain project aimed at developing “local stablecoins” and digital assets whose value is supported by fiat currencies. According to the company, Venus will not have such problems with regulators as Libra, since Binance has already found a common language with regulators around the world. Binance offers its partners technical support, access to a risk management system, and regulatory support.
