Central bank conducts probe for coinage of communal currency

The Central Bank of Venezuela (BCV) plans to query people into "the design, manufacturing and use of communal currency" in "supportive exchange places."

"Communal currency allows for exchange of goods, services and products on restricted geographical sites. It is deemed as facilitator to prevent confusion with the currency of each nation," the BCV explained in a press release.

"Over the past 20 years, it has been established in over 35 countries, including, among others: Mexico, Argentina, Colombia, Ecuador, Senegal, Thailand, United States, Canada, France, Japan, Indonesia, New Zealand, United Kingdom and Australia."

In this way, the BCV enforces the Communal Economic System Law, enacted in December 2010.

According to the BCV, "the currency operation does not make an impact on financial stability and counts on governments support."

The BCV invited anybody interested in the feedback to give his/her view on September 24-28 at consultapublicabcv@bcv.org.ve, or forward it to the BCV offices in Caracas and Maracaibo, the capital city of western Zulia state.

"On October 1-4, upon receipt of all the remarks, the BCV board will assess them for their potential inclusion in the final regulations. Conclusions will be brought forward on October 5-10."

Translated by Conchita Delgado