One of the leading crypto exchanges said that the push back of Libra coin taught it a good lesson. And that it will take different strategy as it works on a rival project.
Related: Binance CEO: More governments will adopt crypto in 2020
Binance platform is ready to engage with all regulators from day one as it plans to roll out its Venus digital currencies. The exchange’s co-founder He Yi said that if they would like to launch Venus in a country, they would make sure it complies with the regulations. Binance declared last week it plans to seek partners to generate digital currencies that are pegged to traditional money and thus less volatile than cryptocurrencies like Bitcoin, which shift based on market dynamics.
Facebook hopes its new currency will be applied for everyday transactions across the globe after it goes live as soon as next year under the governance of a broad set of partners from Visa Inc. to Uber Technologies Inc. and Spotify Technology SA. But since the announcement of its whitepaper in June, Libra has drawn wide-ranging regulatory investigation. The European Union has begun an antitrust investigation, U.S. officials from President Donald Trump to Federal Reserve Chairman Jerome Powell have examined Libra and officials from places like India have expressed scepticism.
Binance also plans to form an autonomous community in charge of Venus and use a basket of government-backed currencies and protection as of its reserve. The company will take a “more conservative” plan to push through the project, with a priority on regulatory compliance rather than technological developments.
Unlike Libra, Venus is going to concentrate on partnering with governments and companies in non-Western countries.