🤔🤔In Venezuela: Is USDT the same as USD dollar? Yes or no?

👉USDT is a stable cryptocurrency, a stablecoin, created and issued by the company Tether Limited, headquartered in

Hong Kong, and in relation to the cryptocurrency exchange Bitfinex.

👉On the other hand, the US dollar, or USD, is a fiat currency, issued and regulated by the system of the Federal Reserve of the United States (Fed), the central bank of that country, and through the Department of the Treasury which is responsible for the physical printing of banknotes. The Federal Reserve is an independent institution from the federal government, acting under a regulatory framework to support and provide stability to the dollar as an international reserve currency.

👀Considering these 2 points, USDT and USD are not the same.

Now, if we visit the official Tether page (tether.to), we can read "Tether tokens are pegged 1:1 with a corresponding fiat currency (1USD₮=1USD) and are 100% backed by Tether's reserves."

This cryptocurrency is designed to maintain a value pegged to the price of the US dollar.

👀👉1USDT = 1USD

Thus, although both USDT and USD represent the dollar in terms of nominal value, they are not the same. The former is a digital asset backed by a private company and operates in the cryptocurrency ecosystem, while the latter is an official currency with legal and economic backing from the US government.

So, the question that many people ask is: if they have the same value, why don't USDT and the US dollar quote the same at the legal price of BCV in Bs within the P2P market? In practice, the price difference can be significant, around 40% - 50%.

This difference can be explained by several factors of the Venezuelan context: costs and commissions, local cleverness 🤔, supply and demand... in short, peculiarities of the local market.