Old 'quota scrapers' return to Venezuela, but now with USDT
Venezuela is currently experiencing financial operations reminiscent of dynamics seen in 2014 and 2015, known as the 'exchange bicycle' and 'quota scraping'. This is now happening due to a difference between the cost of acquiring foreign currency from national banks and the exchange price of the stablecoin USD Tether [...]
TL;DR
- Venezuela's current financial operations resemble those from 2014 and 2015.
- These operations are known as the 'exchange bicycle' and 'quota scraping'.
- The trend is driven by a price difference between acquiring foreign currency via national banks and the exchange rate of the USD Tether stablecoin.
- This creates opportunities for arbitrage by exploiting the spread between different currency acquisition methods.