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  • Binance is set to launch Venus, a project that is focused on banking the unbanked in the world.
  • Binance believes that every country will launch a national digital currency in the future.

Facebook continues to grapple with the need to get regulatory blessings for the Libra project. On the other hand, Binance, one of the largest cryptocurrency exchanges is not slowing down the development of Venus, a digital currency that will directly compete Libra.

Venus has been referred to as a “regional” and “belt version” of Libra. The co-founder and chief marketing officer of Binance, Yi He told Bloomberg correspondent in China that there a need to have more currencies to hedge.

“We need more commercial institutes to help ordinary people to dilute the financial risks. Of course, we need to make sure people who haven’t received any financial service, toe have the service. So we started doing the Venus project, Yi He told Bloomberg’s China corresponded Selina Wang.

In a bid to convince the US lawmakers Mark Zuckerberg, the CEO of Facebook told the Congress that Libra is the only hope to prevent China from rising to dominance and eventually displacing the United States as the biggest economy in the world.

Read more:  Facebook’s Libra could cripple AliPay and WeChat Pay says Tencent