Live
- NASA Tracks Five Giant Asteroids on Close Approach to Earth Today
- Pushpa 2 Hits ₹1000 Crore in 6 Days: How It Compares to Other Top Indian Films
- Vivo X200 and X200 Pro Launched in India: Price, Specifications, and Features
- Nitin Gadkari Admits Feeling Embarrassed at Global Summits Over Rising Road Accidents in India
- Comprehensive Review on Indiramma Housing Survey and Welfare Initiatives Conducted via Video Conference
- Jogulamba Temple Records Rs 1.06 Crore Hundi Revenue in 150 Days
- Opposition Slams ‘One Nation, One Election’ Bill as Anti-Democratic; BJP Allies Support the Move
- Celebrate Karthigai Maha Deepam Virtually with Sri Mandir’s LIVE Darshan Experience
- BJP Extends Support to Samagra Shiksha Abhiyan Employees' Strike, Demands Immediate Regularization and Welfare Benefits
- Dr. M. Priyanka Stresses Quality Education, Nutritious Meals, and Cleanliness in Schools
Venezuela Sues 'Cyber-Terror' Forex Site in US
Highlights
Venezuela\'s Central Bank has filed suit in US court charging that the website DolarToday, which focuses on the black market rate for the bolivar, is harming and destabilizing the country\'s economy.
Venezuela's Central Bank has filed suit in US court charging that the website DolarToday, which focuses on the black market rate for the bolivar, is harming and destabilizing the country's economy.
The suit filed on Friday claims that "DolarToday fabricates black market exchange rates that it publishes via the company's website and smartphone applications," law firm Squire Patton Boggs said in a statement.
The rates on the website do not represent any official Venezuelan fiscal policy, the firm added, without confirming which federal court is handling the suit.
DolarToday is incorporated in the eastern US state of Delaware, but based in the Colombian city of Cucuta.
President Nicolas Maduro's socialist government deems "the use of technology from outside the country to weaken their nation's economy a form of cyberterrorism," the statement stressed.
"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."
The suit does not seek to close the website, but rather for it to cease publishing Venezuela's black market exchange rate.
On Friday, the site showed the black market rate at 820 bolivars to the dollar -- 130 times the lowest official rate for food and medicine. The site is blocked in Venezuela.
Venezuela is heading into legislative elections December 6 amid a severe economic crisis and public disenchantment that have sent Maduro's approval ratings to 20 per cent.
Maduro's government, battered by falling oil prices, is having little success reining in soaring inflation, chronic shortages and coping with what the IMF predicts will be an economic contraction of 10 per cent this year.
Next Story
ADVERTISEMENT
