Thursday, June 6, 2013

Argentina goverment fixing the exchange rates - the LocalBitcoins.com solution

We have received numerous requests to implement so called "blue dollar exchange rate" for Argentine Peso. The official exchange rate is different from the real exchange rate used in the markets.

We don't know much about the real situation in Argentina, but it was quite easy to find the unofficial "Blue dollar market rate" API for the Argintine Peso. We made a special symbol for it called "XAR", and you can use it to convert from USD values with the equation parameter USD_in_XAR, like this:

  • Buy: min(mtgoxUSD_close, bitstampUSD_close)*USD_in_XAR*0.99
  • Sell: max(mtgoxUSD_close, bitstampUSD_close)*USD_in_XAR*1.01
According to our data sources, official rate for Argentine Peso is 5.29 ARS/USD, while according to our other data sources the blue market rate is 8.62 ARS/USD at the time of writing this blog post. Of course Argentinese should verify the rates themselves, if the data provided by us is reliable.

We also support other special currencies, like:
We are planning to target southern America more in the future, with features and translations. Stay tuned.

6 comments:

  1. ARS = Argentine Peso (not Argentinese xD ).

    Anyway, thanks a lot for adding it!

    ReplyDelete
    Replies
    1. And yes, the XAR rate is correct!

      Signed: An Argentinese *g*

      Delete
    2. Thanks for the correction, fixed :)

      Delete
  2. Has anybody ever seen a unit of XDR?

    ReplyDelete
    Replies
    1. It represents physical USD cash valued in ARS in the Argentine free/black market. If you hold a US Dollar bill and bring it to Argentina you're seeing an unit of XAR. ;)

      Delete
  3. En Argentina hay una web ideal para conseguir Bitcoins sin minar. Es un sitio de compra/venta de cosas solo en Bitcoins. www.bitcosas.com

    ReplyDelete

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