Venus aims to resize the global financial system

Venus aims to resize the global financial system

The world’s largest crypto exchange, Binance, has announced that it intends to launch “Venus”, “an independent regional version of Libra”. The announcement posted on the company’s website details the open source project based on Binance Chain.

The basic idea is to create stable cryptocurrencies based on local fiat currencies, which can be used even in jurisdictions where Libra will not be available. As a diverse fact, from an astrological point of view, Venus is the planet that governs the Libra sign.

“Binance will provide complete technical support, compliance risk control system and multidimensional cooperation network to build Venus, using existing infrastructure and regulatory structures”,

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Venus will resize the global financial system

Binance co-founder Yi He said the project’s intention is to resize the global financial system:

“We believe that in the short and long term, stable cryptocurrencies will gradually replace traditional currencies in countries around the world. They will bring a new and balanced standard of the digital economy. We hope to reformulate the global financial system. Allow countries to have more tangible financial services and infrastructure, protect financial security and increase the economic efficiency of countries. “

Binance has declared itself open to cooperation with governments, companies and organizations interested in participating in the Venus initiative.

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The cryptocurrency planned by Facebook, Libra, has a similar structure and is planned to be launched next year. The authorities’ reaction was not positive, and a report submitted to the SEC by Facebook acknowledges that the project may not be able to be implemented due to “significant regulatory control”.


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