In an effort to curtail the effects of economic sanctions, Venezuela has launched a decentralized stock exchange that will offer tokenized versions of various traditional assets.
As initially reported by Decrypt the launch of the exchange came after the country’s president President Nicolás Maduro unveiled new laws that were published in the Venezuelan government’s Gazette earlier this week.
The “Anti-blockade Law for National Development and the Guarantee of Human Rights” includes various measures that will look to help Venezuela navigate sanctions, one of which is turning to cryptocurrency.
“The anti-sanctions law is the first response…to give new strength to the use of Petros and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state-backed and private, can be used,” Maduro was quoted by Decrypt.
BDVE already live
Following Maduro’s speech and the publishing of the new laws in the government’s gazette, the BDVE Decentralized Stock Exchange of Venezuela was launched this week.
The exchange will allow Venezuelan’s to buy and sell various traditional stocks and assets in their digital, tokenized form. According to various reports on the operation manual of the exchange, these assets will be tokenized on the Ethereum blockchain using ERC-223 and ERC-721 token standards.
The website touts zero fees for users buying and selling in fiat while charging 0.1% commission on purchases made through alternative digital assets.
The platform will reportedly undergo a three month trial period under the supervision of the National Superintendency of Securities of Venezuela (Sunaval). It’s license to continue trading will then be reevaluated by authorities in the country.
Venezuela embraces DeFi
As noted by local publication CriptoNoticias, the platform is essentially a Decentralized Finance exchange that is powered by the Decentralized System of Encrypted Markets, called SIDEME by the BDVE platform.
Like many other popular DeFi platforms, the exchange will be operated by various smart contracts and will support a variety of tokens.
The exchange will also feature peer-to-peer capabilities which should allow people from around the world to trade on the platform as well, as Venezuela looks for different avenues to stack connected with the global economy.