Venezuela’s National Securities Regulator has approved a 90-day pilot of a crypto-powered “decentralized stock exchange” in the country, which aims to operate globally in the face of international sanctions.
Cointelegraph Espanol reports that news of the approval of Venezuela’s decentralized stock exchange was published in the country’s official gazette, No. 6578, on September 29.
The exchange is known as BDVE, and its website claims that the platform includes “the world’s first decentralized stock exchange”. It stresses that users will be able to access the exchange “from anywhere in the world” and “without restrictions”. Both fiat currency and “alternative digital assets” will be traded on BDVE.
“[BDVE] represents a new and innovative segment of the stock market, offering investors security and control over their financial assets through the use of new information and communication technologies.”
The local securities watchdog will decide at the end of the 90-day trial whether the exchange will be licensed to continue trading.
The platform’s operating manual states that securities traded on the platform will consist of ERC-223 or ERC-721 tokens, or a third “packable” token. Although the word Ethereum is not in the document, the use of the popular Ethereum (ETH) token standard suggests that the platform may be based on Ethereum.
Surprisingly, the handbook makes no mention of whether Venezuela’s oil-backed national cryptocurrency, El Petro, will be used on the exchange.
On the same day, Venezuelan President Nicolás Maduro announced a new “anti-sanctions bill” aimed at mitigating the effects of economic sanctions imposed by the United States.
The bill, which is currently being reviewed by Venezuela’s National Constituent Assembly, states that both private and State-backed crypto-assets can be used for trade outside the scope of United States sanctions.