Venezuela has created a new Stock Exchange in the country which is based on the Ethereum blockchain. Known as the Decentralized Stock Exchange of Venezuela, it has been authorized by the National Superintendency of Securities. It is a digital currency-powered stock exchange and it will give traders an opportunity to buy or sell traditional assets’ tokenized versions on the Ethereum blockchain.
The Stock Exchange to begin a 90-day trial
Venezuela’s National Superintendency of Securities has authorized the newly-introduced stock exchange saying that it will start acting in a trial of a 90-day period. This news of the authorization of the Decentralized Stock Exchange of Venezuela was issued on September 29 in the Official Gazette 6,578.
In short, known as BDVE, the Venezuelan stock exchange supports both fiat currencies as well as cryptocurrencies on its platform. The company claims on the website that it is the first decentralized stock exchange in the world that has been introduced in Venezuela.
The Gazette where this news was published also stated that this Decentralized Stock Exchange of Venezuela, “represents a new and innovative segment of the stock market, which, with the use of new information and communication technologies, provides investors with security and control over its financial assets.”
There are no restrictions for users as they are allowed to access the stock exchange from anywhere in the world.
As soon as the trial period of ninety days is completed, the country’s authorities will decide then whether they should grant a definite license to the Venezuelan stock exchange or not.
The stock exchange was established shortly after the announcement made by the President of Venezuela Nicolás Maduro in which he introduced anti-sanctions law that stated that country could enable the use of digital currencies. Regarding the anti-sanctions law, he said in a speech:
“The anti-sanctions law is the first response to give new strength to the use of petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”