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Binance will take Facebook errors into account when launching Venus

UNITED STATES, WASHINGTON (OBSERVATORY) — The Binance cryptocurrency exchange intends to interact with regulators when launching the Venus initiative and will try to avoid the mistakes that the social network Facebook and its Libra project encountered.

This was in a conversation with Bloomberg said co-founder of Binance Hye Yi.

According to her, the Venus project was really inspired by various aspects of Libra, however, it is aimed primarily at Asian countries, and its regulatory priority will be its main priority.

“If we want to launch Venus in a specific country, we will first make sure that we meet local requirements,” Yi said.

It is expected that an independent association will take over the management of the project, and financial support will be guaranteed by national currencies and securities.

Hye Yi also said that to launch Venus, most likely, not the Binance Chain network will be used, but a specially created public blockchain. Binance plans to engage partners in this initiative with financial incentives, but this issue is still being worked out.

As it became known earlier in August, the goal of the Binance Venus project is to develop regional stablecoins and digital assets tied to fiat currencies in different countries around the world.

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