The world’s leading cryptocurrency exchange Binance has announced plans to launch a “regional version” of Libra called Venus.
According to an official statement, the main idea of cryptocurrency is to deal with the existing financial hegemony, taking advantage of the company’s established position as a leader in the field of cryptocurrency.
Apparently, Binance intends to release localized stablecoins, which are designed to “over time” replace traditional fiat currencies.
The exchange will also provide full technical support, an extensive partner network and compliance with risks that guarantee the smooth operation of Venus.
The crypto-exchange is already operating in many jurisdictions, including Malta, Switzerland, Uganda, Europe and Africa. In addition, it is reported that plans for the Shenzhen Special Economic Zone, including research and promotion of digital assets, are a step in the right direction that will further Venus’ continued success.
As with Facebook’s Libra, Venus will be designed to fit the current regulatory framework. The exchange representative added that many governments need to develop a strategic position regarding blockchain and stablecoins.