Venezuela Arrests 25 in Crackdown on Parallel Dollar Market

Venezuela Cracks Down on Parallel Dollar Market: 25 Arrested, 18 Websites Shut Down Caracas, Venezuela – Venezuelan authorities launched a major crackdown on illegal activities in the parallel foreign exchange market, resulting in the arrest of 25 individuals and the closure of 18 websites. The government, under President Nicolás Maduro, described the operation as a decisive blow against a "financial terrorism mafia" manipulating the bolivar's value against the US dollar. The arrests follow a period of increased volatility in the parallel dollar market, where the unofficial exchange rate often significantly deviates from the official rate. Authorities allege that the suspects engaged in activities designed to artificially inflate the parallel rate, causing economic instability and harming the Venezuelan population. Guillermo González, founder of the cryptocurrency platform El Dorado, was among those arrested and subsequently issued a public apology. "I sincerely apologize to anyone affected by our actions," González stated in a video released by authorities. "The Central Bank of Venezuela is the only official source for the dollar exchange rate." The government's swift action has been praised by some as necessary to maintain economic stability. However, critics raise concerns about potential abuses of power and the impact on freedom of expression. The ongoing investigation will determine the full extent of the alleged conspiracy and the consequences for those involved. The case underscores the challenges faced by Venezuela in managing its economy and maintaining a stable currency.