Venezuela launched its own decentralized stock exchange called BDVE based on Ethereum, within the framework of the Anti-Blockade Law announced by the national government. It is "the world's first decentralized exchange" designed to trade financial assets in a "distributed" and simple way in the country.
This new option is part of the strategies to counteract the social impact of the sanctions and the financial and commercial blockade denounced by the Venezuelan executive, Morocotacoin refers.
The BDVE is connected to national and international markets through the Decentralized System of Encrypted Markets (SIDEME). It allows remote access from anywhere in the world without any type of restriction, keeping the custody of the assets in the hands of the user.
It also has low intermediation and custody costs. It offers 0% commissions for fiat money operations and 0,1% for those made in "alternative digital assets". According to their website, Through SIDEME the new stock exchange has full transactional decentralization, with a distributed and auditable public registry.
It allows the "shipment of assets between digital identities in an expeditious manner, facilitating payments and other transfers of value."
Registration is simple and guarantees full custody of assets. In addition, P2P commerce allows the entry of anyone and from any country to participate in investment opportunities in Venezuela. The operations manual establishes that all the values on the platform are configured in ERC223, ERC771 and “packable”, the latter specially designed by the BDVE team.
It also states that other types of electronic protocols may be approved, "depending on the specific needs of each particular asset." Likewise, the manual also explains that all participants considered stockbrokers or brokerage firms may be considered auditors.
This new platform seeks to promote the implementation and use of cryptocurrencies in the Venezuelan economy, affected by the sanctions imposed by the United States.