Venezuela’s National Securities Superintendence has reportedly given a cryptocurrency-powered “decentralized stock exchange” the go-ahead for a 90-day trial.
According to CoinTelegraph Español, the “decentralized stock exchange” is known as BVDE” and its website claims the platform is the first decentralized stock exchange in the world. It highlights users will be able to access the trading platform from “anywhere in the world,” despite the country being under international sanctions.
On BDVE both fiat currencies and “alternative digital assets” are set to be traded. The website adds:
[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.
Venezuela’s securities watchdog is set to determine whether the trading platform is granted a license or not after the 90-day trial period is over. In its operating manual, BDVE mentions that securities on the platform will be ERC-223 and ERC-721 tokens, as well as a third “packable” token.
The third “packable” token is described as a “special solution” BDVE developed that shares part of the ERC-721 code but adds a layer so that “within each type of ERC-721 you can have certain fungible balance and balances with different types can be managed.”
While the document doesn’t mention Ethereum itself, the use of popular ETH token standards suggests the decentralized exchange will be running atop the Ethereum blockchain. The announcement came shortly after Venezuelan leader Nicolas Maduro announced an “anti-sanctions” bill, meant to mitigate the impact of economic sanctions on the country.
The bill pointed out private and state-backed cryptocurrencies, such as Venezuela’s Petro, could be used to trade beyond the reach of the economic sanctions.
Featured image via Pixabay.