Venezuela will have a decentralized exchange based on tokens and digital contracts

On September 29, the approval was published in Official Gazette 6,578 by the National Securities Superintendency authorized the Venezuela Decentralized Stock Exchange to trade within the economy for a period of 90 days. Once this period is over, The Venezuelan authorities will decide whether to grant a definitive license or to revoke this new exchange’s ability to trade on the exchange.

Beyond his approval, the highlight was the presentation of the self-described “World’s first decentralized exchange“, Which also as” uan exchange linked to the decentralized system of encrypted markets”. Likewise, it is presented as a market that has operations in both fiat currencies and “alternative digital assets”.

The BDVE, as it is known by its acronym, also highlights on its website that it is a “decentralized” market that users can access.from anywhere in the world, without restrictions“As well as they can keep their own safekeeping of their property. In relation to this aspect, the Official Gazette itself, in which its activity was approved, also mentioned this The stock market “represents a new and innovative segment of the stock market that offers investors security and control over their financial assets through the use of new information and communication technologies.”.

Ethereum, Token and DeFi?

Venezuela will have a decentralized exchange based on tokens and digital contracts
Venezuela will have a decentralized exchange based on tokens and digital contracts

Although neither the official gazette nor the various technical documents submitted by the BDVE specifically mention the word “Blockchain”, “Ethereum”, we can gradually collect various references that are contained in the texts.

For example, the term “DeFi” is even used on its website with the phrase “DeFi Tested for the effective exchange of financial assets“, but still, In a revision of the regulations and the operating instructions, the relevant term will not be considered again.

Another aspect that also comes to light is that Article 47 of the BDVE operating manual mentions that “All values ​​in BDVE are currently configured in three ways: ERC223, ERC721 and Packable”. When we see the definition of the ERC223 and ERC721 values ​​in the manual, You are seeing a very similar definition to the tokens under the ERC-223 and ERC-721 standards that are on the Ethereum blockchain, despite the fact that it is not mentioned verbatim.

On the other hand, it is also mentioned in the manual Operations with “sidechain cryptocurrencies” for P2P transactions within the exchange that remain within the market.

The term “digital contracts” also appears in the relevant manual. Immediately The “controller contract” is known as the market center and the “master contract” for the operation of the controller contract. Logic Type, Storage Type, and Diamond Type contracts are also listed in the manual.

It is not yet known what type of securities will be traded

The public information that is known about the offering of the Venezuelan Decentralized Stock Exchange is still scarce. The manual mentions Derivatives on currencies, commodities, construction, stocks and bondsAlthough today it is not yet known exactly which securities are listed on the stock exchange. Likewise, There is also no mention of whether cryptocurrencies or Petro, the state digital currency, will have a place in this market.

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