Venezuela has announced trials for ‘decentralized stock exchange’ supporting “alternative digital currencies “ and fiat currencies
The Venezuelan National securities superintendent gave the green flag for a 90-day initiation of the crypto powered decentralized stock exchange. The country aims for it to go global in spite of worldwide strict sanctions.
The platform is named BDVE claiming the title of “the first decentralized stock exchange in the world”. It highlights users will be able to access the exchange from anywhere in the world, without restrictions.
“[BDVE] represents a new and innovative segment of the stock market, which, with the use of new information and communication technologies, provides the investor with security and control over its financial assets.”
It will be running on the ethereum based blockchain digitizing traditional assets under the ERC-223 and ERC-721 token standards
Venezuela hit hard bottom in economic fall down as US sanctions pushed it over the edge with a decline in oil production.
The president said the anti sanction laws would empower Venezuela’s oil-backed cryptocurrency and other cryptocurrencies.
The local watchdog of securities will determine if the exchange is granted a license after its 90 day trial period.
Venezuela’s national constituent assembly has also noted that private and state-backed crypto assets could be utilized to conduct trade past U.S. Sanctions.
The country has also legalized the cryptocurrency mining industry, but under the conditions that private operations shall be regulated through a pool facilitated by the government.