Binance, a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies, is planning to launch a cryptocurrency similar to Facebook’s Libra also called an “independent regional version of Libra”. Binance also welcomes more governments, companies, and organizations with a strong influence on a global scale to collaborate with it for the initiative.
The announcement was today on the announcement center page. The Binance exchange is hoping to use the technological innovation power given by the times to instigate a new currency journey and ending the financial hegemony that has been indulged for a long time. this announcement says:
“Whether it is Facebook’s Libra or the Korean version of Libra, more and more governments and companies are beginning to use technology to quickly promote financial change. At present, Libra is growing at an exponential rate and will reshape the world financial system, bringing even more changes than the Internet. Instead of resisting change and losing the opportunity, it is better to embrace change.”
In this announcement, Binance also made recommendations for Libra to be developed in an orderly manner under the regulatory framework of the government’s legal compliance. These recommendations 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 settlement services based on digital stable currency.
Third, it is recommended to allow private enterprises to issue digital stable coins and develop cross-border payment settlement systems.”
Giving the reasons to launch this currency, the announcement says:
“We hope to realize an ideal, that is, to break the financial hegemony, reshape the world financial system, let the late-developing countries grasp the more financial initiative, safeguard their financial security, and improve the efficiency of cooperation between the state and the country and between people.”
The Binance also stated that it will prove full-process technical support, compliance risk control system, and multi-dimensional cooperation network to help the regional version of Libra Venus rise.
If we have a look at Binance own coin called Binance Coin (BNB), it is ranked at number 6 by market cap of $4,503,932,488 USD, according to Coin360.