The world’s largest cryptocurrency exchange Binance has announced the plan of launching an open blockchain project “Venus”, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.

As per the announcement published today Aug.19, the localized stablecoin initiative will leverage the exchange’s existing infrastructure such as its public chain Binance Chain and cross-border payment systems, wider user base and already established global compliance measures.

Bearing a similar vision with social media giant Facebook’s Libra, “Venus”, defined as a “regional version of Libra”, aims to break down the financial hegemony and reshape the world’s financial system, which enables latecomers to have more initiative and stability in finance, as well as enhance the economic efficiency of countries.

The exchange says it is seeking “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.”

“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.” said He Yi, Binance co-founder and CMO.

In its Chinese version of the announcement, the exchange believes that

“Libras are growing at an exponential rate and will reshape the world financial system, bringing changes more than the Internet. Instead of resisting change and losing the opportunity, it is better to embrace the change. Under the planned economy system, the successful experience of Shenzhen’s bold exploration of market economy is a good case. At the same time, Libras need to be developed in an orderly manner under the regulatory framework.”

In the conclusion part, it ended up with three suggestions for the Chinese regulators –

1. The central government should establish the core strategic position of blockchain industry and digital stablecoin in its future financial system;
2. Establish a regulatory sandbox within a certain scope and pilot payment and settlement services based on digital stablecoin;
3. Allow private enterprises to issue digital stablecoins and develop cross-border payment and settlement systems.

According to a guideline recently released by the CPC and the State Council, digital currency will have a test run in Shenzhen, a coastal city near Hong Kong.

Prior to it, Zhou Xiaochuan, the former governor of PBOC (People’s Bank of China), stated that Libra represents the trend of digital currencies, China should take precautions and undertake policy research. Following that, Huawei founder Ren Zhengfei said that China can issue a Libra-like currency to take the lead in the blockchain sector. With these positive signals, the exchange is responsive and acting fast. Its cofounder He Yi said “Venus” is the “One-belt-one-road version of Libra (一带一路Libra)”.

Cofounder of Binance .@heyibinance said “Venus” is the “One-belt-one-road version of Libra”

Totally nailed it 💯💯💯 pic.twitter.com/RqfaPH8zE1

— Dovey Wan 🗝 🦖 (@DoveyWan) August 19, 2019