Pacha, a new currency of Latin American countries to replace dollar

 On Friday the Bolivarian Alternative for the Americas (ALBA), the leftist Latin American trade bloc, plans to consider and approve measures directed to replace US dollar with a new virtual currency for regional commerce, as reports the Associated Press.

Earlier this year in April the organization members including Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent, Antigua and Barbuda adopted the new monetary system, the Unified Regional Compensation System, or sucre. The sucre is an acronym that comes from the Spanish name Sistema Unificado de Compensacion de Pagos Reciprocos. The unit is planned to be a virtual currency used in commercial exchanges between ALBA countries.

According to La Paz a corresponding agreement on the value of the sucre relative to regional currencies is 90% complete.

Unified regional currency is ALBA’s long-term objective. Bolivia has already suggested the name for the unit "Pacha" for the Quecha Indian word for Earth, said Bolivian Deputy Minister of Foreign Trade Pablo Guzman.