Binance officially declares war on Facebook, claiming its stablecoin Venus as a rival to Libra.

The well-known cryptocurrency exchange Binance has stated that it will learn from the regulatory issues faced by Facebook's proposed Libra digital currency and position its stablecoin project, Venus, as a competitor to Libra.

According to a post by Binance CEO CZ:

This should help Libra, if you really think about it.

However, the stance of Venus towards Libra seems to be hardening. Last week at the OECD Global Blockchain Policy Forum, Binance's Chief Compliance Officer Samuel Lin told CoinDesk:

You can call it a response to Libra, or you can call it another choice for Libra. It's like a strong competitor to Libra.

Samuel Lin continued to add that his team has been in talks with central banks and regulatory bodies in developing countries. He said they are concerned that if Libra can cause the disappearance of national sovereignty overnight. Currency inflation problems make people choose Libra, and sovereignty risks are particularly serious.

That's my point today, you have your own sovereignty, we haven't taken any power from you, which is different from Libra.

Venus can ensure that any proposed stablecoin issuance is in line with the government, with the national government deciding how to collateralize the currency, how much currency to collateralize, and so on. In addition, he further predicted that the traditional foreign exchange market will also be replicated on the blockchain in the future, and ultimately Venus will have the ability to have global access, real-time liquidity, and experiment with new financial tools, which will inevitably be very attractive to some governments or countries.

Binance has successfully established an exchange in Uganda, representing Binance's emphasis on developing countries. Finally, Lin stated:

I can say that in the next three to six months, we are vigorously developing relationships with governments, central banks, and large enterprises.

Further Reading

• Bitwise presents three arguments to the SEC and states, "The market is ready for a Bitcoin ETF."
• 【New Currency View】Discussing Smart Contracts: Where is the "smart" and where is the "contract"?

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