The Venezuelan Decentralized Stock Exchange will be tested for the next 90 days, according to the announcement by the National Securities Superintendency (Sunaval). However, the project is already raising new suspicions in the Venezuelan crypto community.
In Official Gazette N º 6.578, the National Securities Superintendency (Sunaval), attached to the Ministry of Economy, Finance and Foreign Trade of Venezuela, announced the creation of the Venezuela Decentralized Stock Exchange (BDVE) for the purchase and sale of traditional tokenized assets, cryptocurrencies, and other digital assets, indicating that it will be working on the blockchain de Ethereum. The implementation of this electronic exchange is intended to allow the exchange and trading of digital assets from the primary, secondary and derivatives markets. In addition, the new electronic stock exchange will execute all public offering processes for securities, trading, transfer, custody and settlement of digital financial assets.
According to the announcement, the BDVE will be operating under the supervision of Sunaval for the next 90 days, and after this time the regulatory entity will decide whether to approve a license to operate legally and definitively in the country, or if, on the contrary, its capacity is annulled. to operate within the national economy of Venezuela.
The BDVE is a stock exchange connected to the Decentralized System of Encrypted Markets (SIDEME), which allows financial assets to be traded in a distributed manner, while saving on intermediation and custody costs.
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Free and direct access?
As indicated in the publication of the Official Gazette of Venezuela, the BDVE is an electronic stock exchange that allows free and direct access to all Venezuelan citizens who wish to participate in the trading activities of shares, debt securities, securities and contracts. representatives of raw materials and agricultural products, ownership contracts for inputs, service contracts and much more.
Likewise, although the document does not directly mention operations with cryptocurrencies and other digital assets, references to ERC-223 and ERC-721 tokens suggest a mechanism similar to the operations carried out within the Ethereum blockchain. Likewise, at the moment it is not clear whether it can be traded with decentralized currencies such as Bitcoin and Ethereum, or even whether Venezuela's digital currency project, the Petro, will be available on the new stock exchange.
On the other hand, the project indicates that it will allow free and decentralized trading of digital assets, however, the platform needs to provide its personal or legal data through a KYC. In addition, the platform has a series of structures that centralize its control, making it clear that anyone who interacts with the system is truly subordinate to those who control it.
A project that already generates doubts
The main representative of BDVE, Manuel Aaron Fajardo Garcia, assured that "in the country there are many interests so that the decentralized exchange project does not go ahead," which is why the executive pointed out that the development of the BDVE was kept secret for several months. Fajardo highlighted the need to move the project forward, as a way to guarantee a safe space for investors and encourage financing sources in the country. Fajardo's statements were made during a transmission live that he held on his official Instagram account.
Fajardo was already known for his previous project called Interbanex. This project sought to manage the interbank exchange system during the initial financial opening operations of Venezuela at the beginning of 2019. However, the project quickly found itself in the eye of the hurricane due to clear indications of being a government extension to control the currencies of the countries. private in the country. In the midst of the complaints, a series of investigations were initiated, making it clear that the company not only had government support, but that it did not have the capital or expertise to carry out a task of that level. In fact, the company's creation capital in the country was only 1 million Bs (about $200 USD to date).
On the other hand, despite the presentation of this new project, neither the smart contract, nor the platform token, nor any code file about it is known at the moment, something that would be normal given that it will be running about Ethereum. Faced with this, many figures in the Venezuelan crypto community have already expressed their doubts about the project, especially after reading the regulation and the operating manual platform.
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