Venezuela has launched a “decentralized” national stock exchange built atop the Ethereum blockchain

Venezuela, the country in South America has introduced a decentralized finance (DeFi) platform called BDVE that purportedly provides Venezuelan citizens with the means to swap ERC20 tokens in a noncustodial manner.

On October 1st, Venezuelan President Nicolás Maduro set the stage for the exchange by announcing the creation of the “Anti-blockade Law for National Development and the Guarantee of Human Rights.” It outlines several strategies to stimulate a national economy that has been wounded by seven separate executive orders from US Presidents Obama and Trump and more than a dozen additional sanctions.

After Maduro’s mandate speech, the Venezuelan government released a new ‘DeFi exchange’ called BDVE. The exchange is ostensibly built using the Ethereum network and registered users will be able to purchase ERC20s and tokenized traditional assets as well.

BDVE website screenshot.

The new exchange application is available now via the Google Play app store for Android devices. The web portal welcomes visitors to the “Decentralized Stock Exchange of Venezuela.” It also claims to be the “easiest place to buy and sell financial assets in Venezuela.”

According to operation manual of BDVE, the exchange to run on the Ethereum blockchain digitizing traditional assets using the ERC-223 and ERC-721 token standards. BDVE will undergo a trial for 90 days, during which time authorities will decide whether to approve or revoke its trading license.

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