Venezuela announced a trial of a new decentralized stock exchange

October 2, 2020
  • Recent reports from Venezuela revealed that the country is testing a new decentralized stock exchange.
  • The exchange will supposedly offer the use of crypto and fiat, and it will be available around the world.
  • It is believed that the platform is created on Ethereum's blockchain due to the use of ERC token models.

Venezuela is back with another crypto-revolving idea, and this time, the country is planning to launch a crypto-powered decentralized stock exchange. The exchange will allegedly have a global reach, in spite of the sanctions that have already severely damaged the small nation’s economy.

Venezuela launches the world’s first ‘decentralized stock exchange’

According to reports, Venezuela’s National Securities SUperintendency has allowed the launch of the decentralized stock exchange’s pilot, which is to be tested over the next 90 days.

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The exchange is called BDVE, and its new website claims that the platform will be the first decentralized stock exchange in the world. The site also noted that the exchange’s users will have access from anywhere across the globe, and that there will be no restrictions. BDVE will also feature both, crypto and fiat currencies.

The exchange was described as a new and innovative segment of the stock market. It uses communication and information technologies which will provide strong security for the investors, and give them control over financial assets.

What is known about the new platform?

As mentioned, the country’s security watchdog has granted the exchange permission to conduct tests for the next 90 days, during which the platform will be closely watched. Depending on its performance, the local securities authority might decide to give it a license to continue trading.

The platform also published an operating manual, which revealed that it will offer ERC-223, ERC-721, as well as third ‘packable’ tokens. The word ‘Ethereum’ is not directly mentioned anywhere, although the fact that Ethereum-based tokens will be used, it is fair to assume that this is the blockchain on top of which the platform was built.

Another interesting detail is that the manual also did not mention the country’s native cryptocurrency, the oil-backed Petro. This comes as a surprise, as the country’s president, Nicolas Maduro, came up with a number of ways to try and force the use of Petro over the past few years.

Maduro also announced a new anti-sanctions bill on the very same day, which has a purpose to help mitigate the impact of the US-imposed sanctions. The bill will allow the use of private, as well as state-backed coins to bypass the sanctions, and is currently under review.

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