Venezuela Launches Ethereum-Based Exchange To Avoid US Sanctions - News-Credit-Mortgage-Coin


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Friday, October 2, 2020

Venezuela Launches Ethereum-Based Exchange To Avoid US Sanctions


Venezuela has launched a "decentralized" national exchange built on top of the Ethereum blockchain.

Ethereum Based Exchange

The exchange, which took effect under a new law listed in the country's Official Gazette on Tuesday, came as part of the new measures President Nicolas Maduro announced, largely avoiding tough US sanctions.

A broader draft "Anti-Blockade Law for National Development and Guarantee of Human Rights", which aims to give the government the means to "overcome all mechanisms of persecution and the international blockade," was also announced in a speech to the country's national assembly on Tuesday.

The new BDVE exchange, already launched, was built to enable Venezuelan investors to trade stocks, bonds and real estate in digital form.

According to the manual, it is said to work on the Ethereum blockchain, which digitizes traditional assets using ERC-223 and ERC-721 token standards.

90-Day Trial Process

Authorized by the National Securities Inspectorate, the exchange will go through a trial period for 90 days, during which the authorities will decide whether to approve the trading license.

US sanctions have severely impacted the Venezuelan economy, what Maduro calls Venezuela's violation of human rights.

The president said the anti-sanctions law would strengthen Venezuela's oil-backed cryptocurrency known as petroleum, as well as other cryptocurrencies for national and foreign trade. The news comes shortly after Venezuela legalized the cryptocurrency mining industry. But it also states that special operations must all operate in a government-controlled pool.

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