The UDI (Unit for Solidarity Exchange), will be a new coin to circulate in the parish of Sinincay, 10 minutes from Cuenca. The new currency is expected to be launched the first week of May.
The bill will serve only for business transactions in that place and it will be worth a dollar. It is intended, during the first year, to circulate 200 000 UDI with the approval of the Central Bank of Ecuador.
Javier Felix, a member of the Pachamama Foundation, says they are keeping track of the bill with the objective of strengthening the economic movement in the area. “We will do an assessment in six months or in a year to see if we can increase the local circulation f it or not, ” said Felix.
For the president of the National Network of Popular Finance, Rodrigo Aucay, there should be no fear that the UDI will replace the dollar as it claims to be a complementary ticket for commercial transactions that can perform a particular sector.
Source: Daily Hoy