Venezuela continues to fight and resist the US sanctions imposed on it, which made it suffer economically.

This time, Venezuela did not resort to oil in its attempt to bypass economic sanctions, but rather resorted to decentralized technical methods.

Venezuela has chosen to create a “decentralized” trading platform that uses digital versions of traditional financial assets and instruments.

In recent days, Venezuelan President Nicolas Maduro paved the way for the platform by revealing the creation of an anti-blockade law for national development and human rights guarantee.

Maduro identified several strategies to stimulate the national economy, which were directed at seven orders separate executives from US Presidents “Obama” and “Trump” and more than a dozen additional penalties.

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stated Maduro:

The law promotes the use of all cryptocurrencies, not just the state-backed petro, as a way to protect Venezuela’s financial sovereignty.

The Anti-Penalty Law is the first response… to give new strength to the use of petro and other cryptocurrencies, at the national and global level, in internal and external trade, so that all state-backed cryptocurrencies in the world or private currencies can be used.

Shortly thereafter, the new Venezuela decentralized platform was created.

Although Venezuela loves highly centralized administrative procedures, this new platform is highly decentralized within the existing legal framework.

The government says that all contracts and protocols are public and auditable, and it is clear that participants will own their keys and cryptocurrency.

The platform is a DeFi platform running on the Ethereum blockchain, where traders will be able to exchange traditional assets in the form of “ERC223” (an alternative to ERC20) and ERC721 contracts.

The reason for adopting this protocol is to allow trading without a central intermediary.

This way, investors will be able to trade derivatives, commodities, real estate, stocks, ETFs, and bonds on the new decentralized exchange.

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In a live broadcast, Manuel Aaron Fajardo García, one of the project leaders, said that the platform will operate independently of the traditional system and have a P2P secondary market.

The DeFi experiment in Venezuela is another in a long line of blockchain experiments with a geopolitical background.

It is too early to know if the primary objective of this platform is to stimulate financial activity or attract foreign investment through the back doors of cryptocurrencies.

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