Binance will push ahead with Venus despite Libra’s woes

Binance, will forge ahead with the development of Venus, a digital currency that will directly compete with Libra, despite the pressure Facebook is facing.

The crypto exchange’s co-founder and chief marketing officer, Yi He, told Bloomberg’s China correspondent Selina Wang Venus is different to Libra as it is ‘belt and road’ – a reference to a global development strategy adopted by the Chinese government involving infrastructure development and investments globally.

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, to have that service.

“So we started doing the Venus project.”

Bloomberg pressed Yi about the Chinese government’s historical hostility to crypto.

She said: “We can see the Chinese government is supportive of the whole blockchain industry. People really need a project like Venus.

“We believe all countries will release their own crypto in the future.”

Facebook CEO Mark Zuckerberg was grilled by US members of Congress during a hearing in Washington yesterday.

Libra is a blockchain digital currency planned to be launched in 2020. The social media giant aims to let its nearly two billion users pay and send digital cash using Libra – a move Zuckerberg claims will help those with little or no access to banking services.

But one Congressman said only “tax evaders and drug dealers” will benefit from the payment system.

Earlier in the hearing Zuckerberg said Libra will “strengthen the fight” against financial crimes.