Cuba and Venezuela Do their First Operation using SUCRE
CUBA, February 4, 2010. Cuba bought 360 tons of rice worth 108 thousand sucres from Venezuela, which is the first commercial operation with the virtual currency created by the Bolivarian Alliance for the Peoples of Our America (ALBA).
The transaction took place at the headquarters of the Central Bank of Venezuela, between the Cuban company Comercializadora de Alimentos (Alimport) and the Socialist Joint Venture Rice of ALBA, reported Prensa Latina news agency.
The Unitarian System of Regional Payment Compensation (SUCRE by its Spanish acronym) is a common account created in 2007 with the objective of reducing the regional trade dependence on the US dollar.
The next trade operation using the virtual currency trade, worth $ 1.25, will be with Bolivian textiles, added Prensa Latina.
Ecuador, Bolivia, Nicaragua, Dominica, St. Vincent and the Grenadines and Antigua and Barbuda are the other member countries of ALBA which was founded to secure the common interests in the political, social and economic sectors. (Cubaminrex- ACN)