Cryptocurrency exchange Binance has announced plans to launch an open blockchain project, which can rival Facebook’s Libra initiative.

Dubbed Venus, the new initiative will focus on developing local stable coins and digital assets backed by fiat currencies.

“Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments,” the exchange noted.

Binance intends to collaborate with governments, corporations, as well as technology and other cryptocurrency firms on the initiative.

The ultimate aim of the initiative is to empower countries to spur new currencies, the exchange said.

Binance recently introduced its native blockchain Binance Chain and launched stablecoins pegged to Bitcoin and the British pound.

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By GlobalData

The Venus model is similar to Facebook’s Libra, which was announced this June.

However, Facebook itself has warned of the Libra project getting delayed or scrapped due to regulatory scrutiny.

In its filing with the US Securities Exchange Commission, the social media platform said: “As this initiative evolves, we may be subject to a variety of laws and regulations in the United States and international jurisdictions, including those governing payments, financial services, and anti-money laundering.

“In many jurisdictions, the application or interpretation of these laws and regulations is not clear, particularly with respect to evolving laws and regulations that are applied to blockchain and digital currency.

“These laws and regulations, as well as any associated inquiries or investigations, may delay or impede the launch of the Libra currency as well as the development of our products and services, increase our operating costs, require significant management time and attention, or otherwise harm our business.”