Digital Assets: Venezuela Testing Decentralised Digital Exchange To Be Available Worldwide

October 2, 2020 | Digital Assets, News

The sanction-battered country makes yet another push into the crypto realm.

According to reports, Venezuela will soon launch a pilot test of a decentralized stock exchange featuring both crypto and fiat currencies that can be used for trading from anywhere in the world. Presumably, the exchange will run on the Ethereum blockchain indicated by its use of ERC token models. (Digital Market News)

The new global crypto exchange from Venezuela

The new exchange, named BDVE, will run its test over the next 90 days as permitted by the country’s National Security’s Superintendency. The exchange may be allowed to continue its operations if the pilot test proves successful.

There will be no restrictions on trading – it can be conducted from anywhere around the globe.

It will allow the trading for both crypto (“alternative digital assets”) and fiat currencies. However, there is no mention anywhere about the use of Venezuela’s national cryptocurrency, the petro. The petro has been universally labeled as a failure.

BDVE will use advanced technologies to provide full security to investors.

The decentralized exchange is another effort by Venezuela to mainstream digital currencies into its economy and foreign trade.

Sanctions taking a severe toll on the economy

Crippling global sanctions have crippled the Venezuelan economy.

Speaking in a televised speech, Venezuelan President Nicolas Maduro recently announced a new anti-blockade law enabling the country to conduct its trade in digital currencies.

“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,” Maduro said.

He added the new bill would be a foil against U.S. sanctions and enable the Venezuelan government to restore the country’s economy.

The government could, therefore “protect Venezuelan assets at home and abroad from theft.”

In August, Venezuela implemented its new National Tax Harmonization Agreement. It will allow the nation to raise taxes and sanctions using the petro.

Related Story:    Venezuela May Soon Use Cryptos To Evade Trade Sanctions

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