Libra is deeply involved in the regulatory quagmire, Binance pushes Venus to join the stablecoin camp
Editor's Note: This article comes fromGyro Finance (ID: tuolocaijing)Editor's Note: This article comes from
Gyro Finance (ID: tuolocaijing)
According to Gyro Finance News, on August 19, 2019, Binance announced the launch of the "Venus Project", which aims to create an independent digital currency.
Binance claims that it is currently the world's top blockchain company, and it has already reserved the public chain technology and cross-border payment system for the safe operation of the new stable currency. In order to better promote Venus, Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to help the regional version of Libra "Venus" rise and build a new open alliance ecological "community" ".
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Libra is mired in regulatory quagmire
Meanwhile, six members of the U.S. House of Representatives Financial Services Committee will travel to Switzerland this week to discuss Facebook's upcoming Libra token and "other cryptocurrency projects," according to overseas media reports.
The group is due to meet with Swiss regulators later this week and will be led by committee chair Maxine Waters — who has called on Facebook in the past to halt Libra's development while lawmakers assess the project's risks.
According to New Zealand media reports, members of the committee will meet with Swiss Federal Data Protection and Information Commissioner Adrian Lobsiger for talks. Lobsiger is the country's main data protection agency, with remit covering federal and private matters.
Prior to this, more and more companies and companies released or announced that they would launch stable coins, and there were as many as 14 in total, as shown in the figure below:
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Binance pushes Venus to join the stablecoin campAccording to the Binance announcement, in the past, Binance has actively communicated and coordinated with regulatory authorities in many countries and regions around the world, and established a global, multi-dimensional customer network and compliance system. For example, Malta, the United States, Binance has established a strong partner network in Singapore, Africa and other places.
Why did Binance initiate it?
Binance said: Financial hegemony has been suffering for a long time, and groups with first-mover advantages have been enjoying financial hegemony
The monopoly benefits brought by the strong will always be strong; while more regions and individuals often put in a lot of hard work, but they are just making wedding dresses for others, and the weak will always be weak.
Binance hopes to use the power of technological innovation endowed by the times to leverage a new currency journey and create an independent "regional version of Libra", called "Venus".
In addition, Binance stated that there are the following main reasons:
First, Binance has actively communicated and coordinated with regulatory authorities in many countries and regions around the world during its past success, and established a global, multi-dimensional customer network and compliance system. For example, in Malta, Binance has helped this small Mediterranean island country become a world-renowned blockchain country; in the United States, Binance has strong partners who are proficient in American regulatory logic; in Africa, Binance has created blockchain services The company directly serves the long-tail crowd that is difficult to reach on remote continents; in Singapore, Binance accepted investment from sovereign funds and launched a fully compliant local trading platform that radiates throughout Southeast Asia; in Latin America, Binance has established a strong partner network. The cornerstone of all of this is Binance's deep mass base on a global scale.
Third, Binance hopes to realize an ideal, which is to break financial hegemony, reshape the world financial system, allow late-developing countries to gain more financial initiative, ensure their own financial security, and improve the efficiency of collaboration between countries and people .
Binance will provide full-process technical support, a compliance risk control system, and a multi-dimensional cooperation network to help the regional version of Libra "Venus" rise. Binance welcomes more governments, enterprises and various organizations with strong global influence to work together to build a new "community" of open alliance ecology.
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policy regulation Binance said that in the face of the emerging technological revolution, countries that actively embrace it first will have a first-mover advantage: Malta is open to digital currency exchanges, quickly rising to a national strategy, and building itself into a blockchain and digital currency powerhouse; Singapore adopts an inclusive and open regulatory attitude towards digital currencies; The United States and Japan brought digital currency exchanges into regulation and issued financial licenses;
Switzerland, Uganda, Romania, Bermuda, Jersey and other countries and regions continue to effectively explore the regulatory system and application methods of digital currency;
Top companies in America, Asia, Europe, and Africa have invested a lot of human and material resources in the field of digital currency.
Whether it is the "Libra" of Facebook in the United States or the "Libra" of the Korean version, more and more governments and enterprises are beginning to use technology to rapidly promote financial reform. At present, "Libra" is growing at an exponential rate and will reshape the world's financial system, bringing changes even far beyond the Internet. Instead of resisting change and losing the opportunity, it is better to actively embrace change. Under the planned economic system, Shenzhen's successful experience in boldly exploring a market economy is a good case. At the same time, "Libra" needs to be developed in an orderly manner under the legal and compliant regulatory framework of the government. Specific suggestions are as follows:
First, it is recommended that the central government establish the core strategic position of the blockchain industry and digital stable currency in the future financial system.
Second, it is recommended to establish a regulatory sandbox mechanism within a certain range and pilot payment and settlement services based on digital stable coins.
