The initiative comes days after the country’s mining sector was regulated.
Venezuela launched in recent days the creation of a DeFi platform in the country for the production of a new decentralized Stock Exchange. This will allow for even stock trading in an environment based on Ethereum technology.
For some time now, Venezuela has been dedicated to the cryptomorphic sector, creating rules and trying to find space in that environment. Sunacrip is the entity that regulates the cryptomotic sector.
However, the new Decentralized Stock Exchange will be Sunaval’s responsibility. The National Superintendency of Securities, a sort of CVM of Venezuela, is in charge of the new initiative.
Venezuela takes the global front and launches the first state-owned decentralized Stock Exchange, using even the DeFi
Venezuela’s new ambitious plan goes directly to cryptomorph technology. This is because, by launching the first decentralized stock exchange, created by a state, Venezuela is innovating for its investors.
According to a publication in the Official Gazette last Tuesday (29), Venezuela intends to open the market to anyone interested. It will be possible to trade stocks, debt securities, fiduciary currencies, crypto currency, government bonds and even derivatives (options and futures).
In addition, the new decentralized Stock Exchange will allow companies to carry out their IPO. Custody of assets will also be possible, as will transfer, trading and settlement.
„This platform allows the securities custody process to be individual, armored and public, with a trading system available 24 hours a day, 7 days a week that guarantees transparency, security, speed, reliability, traceability and lower cost of operations,“ states the publication of the Official Gaceta
The stock exchange will be based on Ethereum cryptomoeda technology, listing tokens.
The project was being built months ago in secret
Venezuela’s new decentralised stock exchange had been under construction for some months. The executive responsible for the stock market, Manuel Aaron Fajardo García, confirmed this information in his Instagram in recent days.
The new decentralised stock exchange in Venezuela, the first of its kind in the world, is expected to have a rate of 0% in fiduciary currency trading. However, for alternative asset trading it will be 0.1%.
The hope is that the new exchange will help finance activities in Venezuela, with universal access. It is worth noting that the exchange will be created by smart contracts in Ethereum. According to the platform’s manual, it is clear that this solution is a DeFi project, being the first state-owned one ever seen.
This project was announced at a time when Venezuela is raising its sights against the US. The country considers that the sanctions imposed by the United States are illegal and has sought mechanisms to escape the embargo.
Venezuela is becoming the main country of cryptomorphs to escape US sanctions?
Venezuela is experiencing a political crisis with the United States, which is imposing sanctions on the leaders of Nicolás Maduro’s government. In addition, the US has literally put the leaders‘ heads on the line, with high rewards for those who capture the leaders.
However, in order to circumvent the US, Venezuela created the first state cryptomeda, Petro. Oil-backed, this cryptomeda has been encouraged by the local government for use in trade.
In addition, Venezuela has partnered with Blockstream in recent days. It has been able to launch the first Bitcoin satellite to give its population access to this technology. With this satellite, the population of Venezuela is able to carry out transactions with Bitcoin even without Internet.
Both the launch of the satellite and the first decentralised stock exchange come days after Venezuela regulated the Bitcoin mining sector. With the creation of a national pool, this initiative was also a pioneer for one country.
Finally, it is clear that by using cryptomorphs and their technology, Venezuela hopes to be part of the global financial system again. This time, however, without the possibility of US sanctions, because cryptomorphs are immeasurable.