Venezuela Sues U.S Based Website To Protect Its Forex Rates

October 27, 2015
Venezuela Sues U.S Based Website To Protect Its Forex Rates August 17, 2018 Clive Nelson

Banco Central de VenezuelaThe internet has changed the way people do business across the world and current technology has made it possible for a single website to have a serious impact on a country’s economy.

This appears to be the case in Venezuela as government officials have targeted, a website based in the United States that publishes information about the black market exchange rate prevalent for the bolivar, the currency used in Venezuela.

The website is known for covering the political and financial scene in Latin America but also devotes a portion of its website to publish exchange rate information on the bolivar currency that is not easily convertible.

The website specifically monitors the Venezuelan economy and has been accused of playing a major role in destabilizing and hurting the nation’s economy.

The company which has its headquarters in Miami, Florida has grown in popularity over the years and is now regarded as the most popular currency exchange website in the country, find out more about the most popular currency pairings trades.

The website updates its exchange rates on a daily basis and while some analysts term these rates as erratic, most believe they are more accurate than the official rates released by the Venezuelan government.

The Central Bank of Venezuela (Banco Central de Venezuela, BCV) recently decided to come down hard on the website and has proceeded to file a lawsuit in the United States on the basis of cyber terrorism that is hurting and harming the Venezuelan economy and its currency. The lawsuit is not looking to shutdown the website but is trying to get the courts to prevent the website from publishing any information regarding the bolivar exchange rate.

The Central Bank has hired the services of Squire Patton Boggs to take the case to court. The lawsuit alleges that

The lawsuit alleges that DolarToday is damaging Venezuela’s economy by exacerbating inflationary pressures, diminishing the purchasing power of the Venezuelan people and undermining the authority of the Central Bank. DolarToday fabricates black market exchange rates that it publishes via the company’s website and smartphone applications

The Venezuelan government has accused the website of cyber terror as the website is deploying information technology from outside Venezuela to destabilize the currency and the country’s economy. The country’s economy is currently going through a crisis and the government wants to make sure that it prevents all outside interference in an effort to bring more stability to the country. The website has currently been banned from operating within Venezuela.

About the Author

Clive Nelson

Clive Nelson Author

Hi, my name is Clive Nelson and welcome to Traders Bible. Just to tell you bit about myself…I have been trading FX and binary options for the best part of 10 years now. After graduating with honours in economics, I began working for an investment bank in New York as an assistant trader before working my way up. After a few years, I went on to work as a broker in London, England and then eventually came back to the U.S to work in a hedge fund, where I manage $800 million of my clients’ investments. There have been times over the course of my career where I’ve had to take a hit, but I’ve accepted that losing is part of the game, it’s a learning curve. I’ve learnt from my mistakes and you don’t have to make the same errors I did. A lot of my education came from when I was a broker and this is why I’m here to tell you that Traders’ Bible offers you the foundations of how to become a great trader.

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