Binance announced they will be creating a platform that will enable users as well as governments and business to create and develop their own Stable Coin backed by fiat currency.
The new platform will be called Venus and will provide users with all the tools needed to create Stable Coins on the Binance Chain, Binance will also provide a ‘risk control system’ and will ensure regulatory compliance.
This platform will be especially useful for developing countries that want to jump into the crypto market while having a not so great currency. The co-Founder of Binance, Yi He, said that StableCoins will eventually replace fiat but so far that claim is still quite unlikely.
Binance is clearly looking to collaborate with governments and central authorities, however, it seems fairly unlikely that any central government of a well developed country would ever use this service, at least in the near future. Anyhow, the proposition is still a step in the right direction.
Binance has been one of the most popular ‘projects’ this year, coming up with updates, news and new technologies every few weeks, something that has been clearly reflected on their token, Binance Coin, which saw an increase of 600% in price this year.
Binance hasn’t yet disclosed if they are working with any governments already, however, the announcement in China had a few hints pointing towards a possible collaboration with Malta and some African nations.