Cryptocurrency

Bitcoin sets the standard of the ‘ parallel dollar in Venezuela to uncertainty by coronavirus

Key facts:

The so-called “dollar Cucuta” was excluded from the platforms of monitoring of the u.s. currency.Today the “dollar Bitcoin” has greater prominence as a reference of the type of change in the country.The closure of the colombian-venezuelan border to the preventive measures to contain the spread of the coronavirus, also caused the closing of the exchange houses in Cucuta, colombian city located at the border crossing.The measure, which could last up to about two months, caused the pages that update the fluctuations of the dollar in the market parallel in Venezuela, excluded the calculation of the so-called “dollar Cucuta” as a reference. Now, use the “dollar Bitcoin” as a reference to set the price of the u.s. currency in the country.A journey through the social networks allowed us to corroborate that the dollar Bitcoin is used as a reference in portals that monitor the value of the u.s. currency in Venezuela at the parallel market. But before continuing, it is necessary to clarify that in the caribbean country, due to the measures imposed by the government, the venezuelan people have access to dollars in a controlled manner. In this sense, the Venezuelan Central Bank sets an official rate of the value of the u.s. currency, though, there are also portals monitoring the value of the parallel dollar.These platforms monitoring are taken as a reference by the venezuelan citizens and play a decisive role for a group of people who have chosen to organize their finances through foreign exchange, as a protection against the devaluation that has led to a loss of the value of the bolivar in the midst of the deep economic crisis in the country.

In any case, these platforms monitoring of the value of the parallel dollar, set multiple rates of exchange for the bolivar, among them is the dollar Cucuta, which is calculated on the basis of the demand and supply of bolivars sovereign in this colombian city. This, according to the explanation that on repeated occasions have made public the actors linked to these pages, making reference to the methods they use to determine the value of the u.s. currency.Change border in Cucuta is obtained directly from the exchange houses in this city. However, due to the current closure of the colombian-venezuelan border, the activities are at a standstill. For this reason, the exchange houses issued with letters to the Dian (Directorate of Taxes and National Customs) of Colombia, to be allowed to the cessation of the operations and their tax obligations, to not re-register as normal in the establishments, as reported in a note of Caracol Radio of Colombia.It is as well as, in the absence of the reference of the dollar Cucuta, the portals of monitoring adopted the dollar-Bitcoin as a reference, something that is already happening since a while ago. But now, with a greater impact, the exchange rate of the us dollar parallel is determined according to reflecting platforms such as AirTM and LocalBitcoins, from where does the term dollar Bitcoin.To calculate the index of the dollar to Bitcoin, it is necessary to divide the number of bolivars employees for the acquisition of BTC in a market referential in Venezuela, such as LocalBitcoins, between the average price of the criptomoneda for that time. In this way, the resulting must give a reference to the type of change that is transacting the dollar in the country.A situation similar to that of Venezuela, is the one that lives in Argentina where, after the measures that restricted the purchase of us dollars, began to appear different quotes of the us dollar. The so-called dollar blue or parallel dollar will have been adding other types of contributions, including the dollar Bitcoin The calculation is very simple, results from dividing the value of buying a BTC argentine peso against the value of bitcoin in international markets.This is not to say that the value of the dollar will be exactly the number yielded by the calculation described, but rather is an indicator of how much you are willing to pay an investor to take foreign exchange north american by means of bitcoin .