Venezuela’s National Securities Superintendency has given the go-ahead for a 90-day pilot of a cryptocurrency-powered “decentralized stock exchange” within the country that aims to possess a worldwide reach despite global sanctions.
In line with a recent official report, the Decentralized Stock Market Exchange of Venezuela’s authorization to operate was published within the country’s official gazette, issue 6,578, on 29th Sept.
The exchange is understood as BDVE and its official website revealed that the platform comprises “the primary decentralized stock market within the world.” It highlights that users will be able to access the exchange “from anywhere within the world” and “without restrictions.” Both fiat assets along with the “alternative virtual assets” will be traded on BDVE.
“BDVE represents a new & innovative segment of the stock market exchange, which, with the utilization of latest information & communication technologies, provides the investor with security and control over its financial assets.”
The native securities watchdog will determine whether the exchange is going to be granted a license to continue trading after the 90-day trial is over or not.
The platform’s operating manual reveals that the securities traded on the platform will comprise ERC-223 or ERC-721 tokens, or a 3rd “packable” token. While the document doesn’t contain the word Ethereum, use of the popular Ethereum [ETH] token standards suggests that the platform might also be built on Ethereum.
Surprisingly, the manual doesn’t mention whether Venezuela’s oil-backed national cryptocurrency El Petro will be utilized by the cryptocurrency exchange.
Venezuelan President Nicolas Maduro revealed on the same day a new “anti-sanctions bill” intended to mitigate the impact of economic sanctions imposed by the United States.