Binance plans to make its new currency “Venus” regulated from the start
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Answer Binance plans to make its new currency “Venus” regulated from the start
Facebook announced the Libra currency earlier, which attracted many media outlets, including the Arab Bitcoin website, and we covered it and how it faces many regulatory pressures, whether from within the United States of America or from some other governments, whether European or Chinese.
The regulatory turmoil faced by the Libra coin has paved the way for companies that intend to follow in its footsteps to avoid the same thing that Binance intends to benefit from in launching the “Venus” coin.
He Yi, co-founder of Binance, said in a statement an interview She spoke about the new Venus Coin project that her company has been working with regulatory authorities from the start and that Libra has taught them a lesson in dealing with regulatory governments.
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The statement made by “He Yi” opened up rumors that the currency would be concentrated in geographical areas and not others.
The “Venus” project, which will include a network operating on a set of stable cryptocurrencies that will meet the requirements of a specific region with its target audience.
Thus, the new project of Binance will operate more according to the regulations
This was also confirmed by He Yi, who said that the project will only work in countries that fully comply with legal requirements.
The project will primarily focus on regulatory compliance rather than technical standards.
He Yi’s statement in this regard was as follows:
“If we want to launch Venus in a country, we will first make sure that it complies with regulations.”
Through some of the data presented, Binance intends to launch the “Venus” project in specific countries, such as:
Malta, Uganda, Singapore and other small countries serve as a base for the project.
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In the same interview mentioned earlier, He Yi hinted that China and its regulators could work to help them expand the currency project.
The “Venus” coin project is expected to face some obstacles, as happened with the Libra coin.
The project will also face fierce competition from Facebook’s Libra coin.
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