“The late Venezuelan president created the sucre, a virtual currency designed to dethrone the dollar as the main trading currency used with his country’s regional trading partners: Ecuador, Cuba, Bolivia and Nicaragua.  The sucre is managed by a board of central-bank representatives, which has helped bolster its use.  Ecuadorean companies exported $737 million worth of goods to Venezuela using the sucre system in the first nine months of 2013, an 80% increase from the same period in 2012, according to Ecuador’s central bank. That growth has drawn attention from the country’s regulators, which are cracking down as fraud involving the virtual currency rises.”

http://online.wsj.com/news/articles/SB10001424052702304202204579256062854362716

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