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Nicaragua in first deal involving virtual currency

Friday, March 1, 2013

Nicaragua today is celebrating its first commercial transaction using the sucre, a virtual currency that has been adopted as a legal tender for trade between the various member nations of the Bolivarian Alliance for Our Americas, ALBA.

Today at noon, in a televised transaction, the Sandinista government sold 500 metric tons of black beans to Venezuela for 517,875 sucres.

In real currency, the total sale was worth more than $2.6 million, but for the Sandinista government, the bean deal was more of a political victory than a commercial one.

Source: Nicaragua Dispatch