Introducing the Sucre

The most fundamental philosophical challenge to capitalism, neo-liberalism, and Washington's dominance is coming not from Asia, but from Latin America.

The leftist Latin American ALBA trade bloc is scheduled Friday to approve measures that would replace US dollars with a new virtual currency for regional commerce, an official said here.

Bolivian Deputy Minister of Foreign Trade Pablo Guzman told reporters that members of the Bolivarian Alternative for the Americas (ALBA) "will replace the dollar in commercial exchanges" between members with the Unified Regional Compensation System, or sucre.

The new monetary system was adopted in principle at an ALBA summit in April by organization members, which include Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent, Antigua and Barbuda.

1"Leftist Latin American bloc to stop using dollars in trade" - AFP
2"Bolivia summit adopts new currency" - Al Jazeera
3"Alba Summit to Strengthen Regional Integration" - Cuban News Agency