#CEXvsDEX101 $BTC URGENT! "Dollar Monitor" Falls in Venezuela: What Implications Does It Have for Your P2P? 🇻🇪💰

A breaking news story is generating significant movements in the local financial landscape. The apprehension of Carlos Andrés Pérez Abreu has been confirmed, identified as the alleged administrator of the popular Instagram account "Dollar Monitor". This action has rendered the platform inoperative, removing a key reference for the market. 📉🚫

The Reality of the Dollar in Venezuela: Beyond the Official Rate 📊

To understand the impact, it is crucial to remember how the currency market operates in Venezuela. Two main rates coexist:

* The Official Rate of the Central Bank of Venezuela (BCV): This is the rate set by the authorities and by which, according to the law, transactions within the national territory should be governed. 🏦📜

* The Parallel Dollar Rate: Historically, this rate has emerged in the informal market to reflect the real supply and demand of currencies, serving as a reference for acquiring cash or digital dollars. 💸🤝

The reality is that, despite regulations, to acquire dollars in day-to-day transactions, the reference of the parallel rate was indispensable. This created a notable differential, which often fluctuated between 30% and 40% (or even more) above the official rate. While laws required transactions at the BCV rate, the need to obtain currencies led to operating with the informal reference. 🔄🤷‍♂️

Goodbye to "Dollar Monitor": Uncertainty in P2P 📉❓

"Dollar Monitor" had established itself as the main source for that parallel rate, crucial for P2P users on Binance and other platforms when operating with USDT or USDC. With its absence, there is great uncertainty about what the new reference point for these transactions will be. P2P markets rely on clear references, and the elimination of such a centralized one will leave a significant void.

This situation poses new challenges.