What is DolarToday and all details about the controversy of Dolartoday

 

What is DolarToday?

DolarToday is an American website that mainly focuses on Latin American politics and finance sectors. The DolarToday is more known for being an exchange rate refers to the Venezuelan bolívar, a currency which is not freely convertible and it is also known for the company’s focus in monitoring the Venezuelan economy. 

DolarToday is Venezuelan-American media company, run by Venezuelans residing in the United States it also focuses on the exchange control of the Venezuelan economy and for its portal and social networks they are critical of the Venezuelan government. The government of President Nicolas Maduro has described the portal as a means of attack against the Venezuelan economy and of projecting the “economic war”. 

History of DolarToday

DolarToday is founded on 18th of May, 2010 and its headquarter is in Miami, Florida, United States of America. Before the election of Nicolas Maduro in 2013, It was the second most popular exchange rate reference in Venezuela, behind the Lechuga Verde.

 suddenly, when a scandal caused the demise of Lechuga Verde, then the DolarToday became one of the most popular exchange rate reference

 The president of DolarToday is Gustavo Diaz, a Home Depot salesman in Alabama. According to the BBC Mundo, The company was founded mainly for the form as a protest against a dictatorship increasingly committed to silence and intimidate the media in Venezuela.and until today, the company’s website publishes criticisms about the Maduro administration which the founder states “is selected by the site’s writers based in Venezuela”

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How popularity DecreasesAs hyperinflation in Venezuela grew out of control. the prices changed at such fast paces that Venezuelans no longer relied on the site and would usually set prices on group chats, such as WhatsApp, or through cryptocurrency exchanges.

 

What were The Exchange rates Of DolarToday

Since from the first of its inception, DolarToday company has provided black market exchange rates which are updated daily for Venezuelans who cannot exchange their currencies with the Venezuelan government for the dwindling supply of the US dollar.

 The DolarToday company bases its rates computed of the Venezuelan bolívar to the Euro or the United States dollar from the fees on trades in Cucuta, Colombia, a city near the border of Venezuela.

 The Economist states that the rates which are being calculated by DolarToday are “erratic”, but that they are more realistic than the official three prices which are released by the Venezuelan government. the website maintains that the rates are not being manipulated anything to undercut the Venezuelan government.

Today the exchange rate of the Venezuelan currency, monitored and governed by the Central Bank of Venezuela, is been prohibited by the Venezuelan government from being accessed by its citizens. And due to that, the exchange rates posted by DolarToday company are only accessible outside Venezuela.

 DolarToday Controversy Details

DolarToday is used as a reference by several finance websites and media around the world when it comes to reporting the Venezuelan exchange rate. In 2013, Venezuelan President Nicolás Maduro banned several internet websites, including DolarToday, to prevent its citizens from accessing the country’s exchange rates. Maduro accused DolarToday of fueling an economic war against his government and manipulating the exchange rate.

Censorship Controversy

 According to the DolarToday, the Venezuelan government had been attempting to censor the website since November 2013. And In March 2015, in a televised appearance, Maduro told to the whole nation that he would ask United States President MR.Barack Obama for the capture of the owners of the company.

 In a press statement which was published in the government’s website, Maduro’s government said that it would exert all legal means against the company DolarToday in response for defaming the Venezuelan economy. And on That month, the Venezuelan government attempted to censor the website and brought down sites like Pinterest, amazon and snapchat in the process.

Since President Maduro made such comments, DolarToday company began to face blockages of their website almost every hour in Venezuela. The company then start using mirror sites on content distribution networks by placing cryptic links on their social media. And pages to such sites since foreign social media sites are difficult for the Venezuelan government to censor. AND Each time the Venezuelan government blocks a mirror site.  DolarToday company begins to use a new one, with website engineers finding ways to create a new mirror site every 20 minutes automatically.

Lawsuit Against DolarToday

 On the date 23rd of October 2015, the Central Bank of Venezuela (BCV) filed a lawsuit against DolarToday company for allegedly falsifying the country’s exchange rates. The lawsuit was dismissed by the United States judge on 26th February 2016, with the judge signing that the court did not have the authority to take on the case and that BCV lacked standing to sue.

 In response, BCV filed an amended complaint on 4th of March, 2016, alleging specific injuries including diminished seigniorage, harm to the reputation of the bank, and deprivation of capital available to the bank.

Reception 

Approximately more than one million people visited DolarToday’s website daily in 2015. Android and iOS apps of DolarToday’s were also among the most downloaded by mobile users in Venezuela. It has more than 3 million Twitter followers, which updating them with the up-to-date exchange rates.

 

however, The Venezuelan government has viewed DolarToday as a platform to launch an “economic war” against the government, with Fusion stating:

 DolarToday posts are becoming a source of embarrassment to the Venezuelan government. and This site is essentially reminding Venezuelans how life has become increasingly unaffordable under that country’s socialist management.”

 According to the George Selgin, Cato Institute’s director of the Center for Monetary and Financial Alternatives, the lawsuit by the Venezuelan government against DolarToday “offers the remarkable glimpse at the twist logics of totalitarian regimes” and if something weres to happen to the website then the Cato Institute shares the same data and more on their Troubled Currencies Project website. Selgin, regarding the fact that the Cato Institute publishes the same information as the DolarToday, stated

 

And if the Central Bank of Venezuela wants to snuff-out pieces of information concerning their mismanagement of the bolívar, shutting down DolarToday just won’t cut it. It’s going to have to shut us down as well. So how about it, guys? Our lawyers can’t wait!

 

Awards and Recognition Of DolarToday DolarToday received many awards in 2014. It has won a PremiosClick prize and is recognized as one of the best 100 websites in Venezuela. And one of the best economics websites and it was one of the most popular and controversial company till date.

 

The official social site of DolarToday company

Official Website  Click here to visit

Official Facebook page  Click Here To visit

Official Twitter Page   Click Here To visit

Official Instagram account Click here to visit

Official Youtube Channel  Click here to visit  

  

 

 

 

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