Attention, crypto community of Venezuela! 📢
The apprehension of Carlos Andrés Pérez Abreu has been confirmed, identified as the alleged administrator of the popular Instagram account "Monitor Dólar." This action has rendered the platform inoperative, eliminating 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 foreign exchange market works in Venezuela. Two main rates coexist:
* The Official Rate of the Central Bank of Venezuela (BCV): It is the rate set by the authorities and by which, according to 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 for foreign currency, serving as a reference for acquiring dollars in cash or digitally. 💸🤝
The reality is that, despite the regulations, acquiring dollars on a day-to-day basis required the reference of the parallel rate. This created a notable differential, often fluctuating between 30% and 40% (or even more) above the official rate. While laws required transactions at the BCV rate, the need to obtain foreign currency led to operating with the informal reference. 🔄🤷♂️
"Monitor Dólar" had become 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, a great uncertainty arises about what the new reference point for these transactions will be. P2P markets rely on clear references, and the removal of such a centralized one will leave a significant gap.
This situation poses new challenges. Although the authorities seek to control the price of the currency, the dynamics of the Venezuelan foreign exchange market are driven by deep macroeconomic factors. In the short term, greater volatility and difficulty in establishing prices are likely to be experienced, and in the medium term, new informal references may emerge. Given the situation, it is possible that these new references will be even harder to follow or more "rigorous" in their determination, seeking to avoid oversight. 🕵️♂️
What to do now? 🤔💡
The P2P trading community in Venezuela must be more vigilant than ever. It is crucial to stay informed through various sources, operate with caution and patience, and adapt to the changes in how exchange rates will be established in the local market.
