Bitcoin Forum

Binance is going to reveal a new stable coin '"Venus"
As I read on Cointelegraph, Binance has said that they are seeking partnerships with governments.
So, I guess they are trying to create a coin which is in favor of Governments. Transaction will be likely controlled by governments and all traders will be traced.
Governments opposed the idea of Facebook for Libra and now Binance has said they will talk with governments.
What do you think?
Don't you think we will have a controlled currency?

I think Changpeng Zhao is trying too hard to remain relevant in the scheme of things. Personally, I do not presently see the need for this new open blockchain Venus. Hopefully, more will be revealed with time

We already have controlled currency and that is fiat which is controlled by the gov't. I think the question should be 'controlled cryptocurrency'. It's already there because Binance probably saw the opportunity that they can step in.

While Facebook is on question and being called on the senate, it's their opportunity to give the gov't guarantee that they will good as long as they will have to deal with them. CZ always wants to get on trend so I think riding the issue would be best for his exchange publicity.

I deliberately called that a "Controlled currency". Because a cryptocurrency shouldn't be controlled by third parties. If a cryptocurrency is in control of a third party is not cryptocurrency. Better to call that a currency. For me that does not differ even with fiat. I can call such a currency "Digital Fiat" too.

I don't think that will happen because the government will again oppose it as well as Libra. because the government will maintain a traditional bank where they feel that the coins or crypto money will erase them and control the world's finances with services that should be better than traditional bank services. as a result the government cannot take tax rights for the state from the circulation of crypto.

I just remind you if binance coin is also fully controlled by binance and it's not a decentralized coin consider all of the nodes are controlled by binance exchange itself. This will the same as binance coin when venus will be fully controlled by the government and binance. CZ is trying so hard to attract the government and he's a really ambitious person. We already had some fully centralized crypto and i would not be any surprise to see binance was creating more centralized crypto for binance own purposes.

I hope you can also put the link to the source

That's right but there's so much change that happened since then the gov't steps in and tries to attach themselves when Libra has been announced.

Yes, no one stops you for calling it in that way.

i think what they are doing is mostly to make a ton of money while they can. otherwise there is no need for a new coin like this one in this "decentralized" world where every legit project is trying their best to create a permissionless and decentralized currency that could compete with bitcoin not another centralized one that has its hands in the pockets of the banks.

If it is controlled then it is no longer a blockchain. Satoshi created BTC with the purpose of transparency but not controlled. If the cryptocurrency is controlled, it no longer holds its essence.

Have they said that it will be fully controlled by government just seeking a partnership doesn't mean it will be fully controlled by them maybe just some sort of regulations for the partnership.

Large cryptocurrency exchanges located on the territory of states, in any case, sooner or later will cooperate with the government. It’s not even worth building illusions for yourself. I can still agree that the exception may be such an exchange located in the offshore zone. Over time, all other exchanges will cooperate with the government or cease to exist.

If it is stablecoin, then I think it’s normal if it is controlled by governments. This could serve as an interesting experience in terms of trying to create a regulated blockchain.