Altcoin News: Binance Will Launch Regional Analogues of Libra Cryptocurrency from Facebook

August 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Binance cryptocurrency exchange is preparing to launch the Venus project calling it an “independent regional version of Libra,” according to an announcement Monday.

The initiative aims to create “stablecoins and digital assets pegged to fiat currencies” of various countries of the world.

The company believes that Libra is growing at an “exponential rate” and will be able to transform the global financial system.

“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,” the exchange added.

As a justification for launching Venus, the exchange indicates its presence in several countries, its own Binance Chain blockchain and the desire to violate the world’s financial superiority.

“Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies,” the English version of the announcement says.

The company recalls that in the past it has already used its blockchain to issue stablecoins tied to the exchange rate of Bitcoin (BTCB) and British pound (BGBP).

“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,” Binance co-founder, Yi He, told The Block. She added: “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.”

Author: Marko Vidrih