Fun

Binance Enters Popular Venezuelan Dollar Indexes as Currency Plunges 10% in One Week

News Feed - 2021-07-20 01:07:02

Binance Enters Popular Venezuelan Dollar Indexes as Currency Plunges 10% in One Week


Binance, the leading P2P exchange in Venezuela, is now present in several popular dollar indexes in the country. The price of USDT on Binance’s P2P platform is now used to calculate the average price of the dollar with other P2P and electronic markets. The Venezuelan currency, the Bolivar, took a plunge last week losing 10% against the dollar as the government considers a currency redenomination. Binance Makes Its Way Into Dollar Indexes


Binance has made its way into popular dollar indexes in Venezuela, after becoming one of the most well-known crypto markets in the country. Now, the average USDT price of its P2P exchange is being used to get a grip on the real price of the dollar in the country by two known indexes: enParaleloVzla and MonitorDolar. Binance P2P is the second cryptocurrency-related platform that is being taken as representative of how the dollar price moves in the market, with the first one being Localbitcoins, another P2P market.


Now, Binance P2P has become a big factor in setting the informal dollar price in the country. While Binance P2P trading volumes are not made public by the company, analysts speculate it moves an important part of the dollars that travel internationally from and to Venezuela. In an interview with Diario Bitcoin, Mariangel Garcia, spokesperson of Binance Spanish, stated that in Q1-2020 Venezuela was one of the markets with the biggest growth in all Latam. Venezuelan Currency Plunges More Than 10% in a Week


In recent news, The Venezuelan fiat currency, the Bolivar, faced a terrible week losing more than 10% of its value against the U.S. dollar. The Bolivar traded at 3,318,055 VES per dollar July 12, and in days the exchange rate rose to 3,665,450 VES on July 16. This exchange rate is calculated using several indicators from various P2P and electronic markets. This seems to show the government has failed to tackle several factors that are still making the exchange rate grow.


As a consequence of the exchange rate, earlier this month it was announced there have been talks about redenominating the Venezuelan fiat currency to make it easier for some big companies to make tax and salary payments. The Central Bank of Venezuela would slash six zeros off the nominal rate and would have to print new banknotes. As stated before, a dollar is valued at more than 3 million bolivares, so this makes calculating payrolls and taxes very difficult for a large number of companies and institutions.


What do you think about Binance entering dollar calculation indexes in Venezuela? Tell us in the comment section below. Museum of Bitcoin Mining History Opens Its Doors in Venezuela NEWS | 3 hours ago Former Heavyweight Boxing Champion Mike Tyson Asks Fans if They Prefer Bitcoin or Ethereum NEWS | 22 hours ago Tags in this story Binance, binance p2p, Bolivar, Cryptocurrency, Dollar, trading volumes, Venezuela


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Savannah Fortis10 hours agoThe Author’s Guild launches class-action lawsuit against OpenAIThe Author’s Guild opened a lawsuit against OpenAI, alleging misuse of copyrighted material in training of its AI models.1710
Meme Coin BONK Faces Price Correction: Can Bulls Regain Control?
Este artículo también está disponible en español. BONK, the vibrant meme coin, is encountering a price correction after a strong bullish run, raising questions about the
Tokenized Gold Market Caps Grew Significantly Last Month as Fresh Demand Drives Premiums
Tokenized Gold Market Caps Grew Significantly Last Month as Fresh Demand Drives Premiums While gold tapped an all-time high (ATH) this year surpassing $2K per ounce, the top tokeni
Spanish Telecom Giant Telefonica Invests in Bit2Me, Pilots Cryptocurrency Payments
Spanish Telecom Giant Telefonica Invests in Bit2Me, Pilots Cryptocurrency Payments Telefonica, one of the world’s largest telecom companies, has closed an investment in the
Traders rush to short Ether as Grayscale pulls its futures ETF plan
Ciaran Lyons2 hours agoTraders rush to short Ether as Grayscale pulls its futures ETF planA 3% rebound in Ether’s price would wipe $345 million in short positions amid Grayscale withdrawing its Ether futures ETF applic
Bitcoin, Ethereum Technical Analysis: ETH Hits 2-Month High Above $1,800
Bitcoin, Ethereum Technical Analysis: ETH Hits 2-Month High Above $1,800 Ethereum surged to a two-month high on Monday, as crypto prices have mostly moved higher following Friday&#
ViaBTC Group Announces Strategic Upgrade to Advance Innovation and Improve Customer Experience
ViaBTC Group Announces Strategic Upgrade to Advance Innovation and Improve Customer ExperienceHong Kong, 30 May, 2020 – ViaBTC Group, an innovative technology company speciali
Time To Turn Bullish On Ethereum? CryptoQuant CEO Spots Key Signals
Este artículo también está disponible en español. Ethereum (ETH) has plummeted 11.4% in the past 24 hours, reflecting a broader market downturn that saw Bitcoin (BTC) dro
Bitcoin Explodes Above $94,000 — What’s Igniting The Fire?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bill Allows Russian Financial Platforms to Operate Blockchains, Issue Digital Assets
Bill Allows Russian Financial Platforms to Operate Blockchains, Issue Digital Assets A draft law filed in the Russian parliament permits operators of platforms providing financial
Bakkt declares $780M full-year revenue in 2023 earnings report
Ezra Reguerra9 minutes agoBakkt declares $780M full-year revenue in 2023 earnings reportAndy Main, Bakkt’s incoming president, said the company’s strengthened balance sheet erases previous doubts about its ability to
South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards
South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards South Korea’s National Assembly finally passed a bill that provides a framework for the regul