Venezuela Sues to Shutter U.S.-Based Black-Market Currency News Site

In: Business and Management

Submitted By mcnabb5
Words 289
Pages 2
Venezuela Sues to Shutter U.S.-Based Black-Market Currency News Site
Summary:
Venezuela has long tried to control their currency through propaganda. Their attempts seek to fix their currencies value despite its real value to foreigners around the world. An American website called “DollarToday” published black-market values of Venezuela’s tanking currency. Venezuela is seeking to sue that company for “cyber-terrorism.” They believe that the effects of the websites publication can destroy their economy. They also believe that the people behind the publication are writing for political or financial agendas. “It wreaks economic havoc on the central bank and the citizens of Venezuela,” the lawsuit says “and it creates the false impression that the central bank and the republic are incapable of managing Venezuela’s economy.”
Currently, one US dollar is costing Venezuelans about 130 times the amount of the fixed official value. It is also estimated that Venezuela’s economy will contract another 10% this year and inflation will reach 160%. The government is also avoiding using the dollar, which has caused huge food and basic good shortages, as they are unable to pay for imports. This allegation towards DollarToday is the next effort that Venezuela has taken to try and draw the blame to exterior sources. The last effort was closing the boarder to Colombia and putting the blame on immigrants for their food shortages and lack of public services. With millions of followers, DollarToday also serves as a source of unbiased news for Venezuelans. As Venezuela attempts to block the website, it continues to feed the population through They are predicting that Maduro, who is ruling the Socialist Party, will lose majority support in the Dec 6 elections for the first time in 16…...

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