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More on the Ecuadorian UDIS

A post at this site recently looked at the Ecuadorian UDIS as an alternative currency in Ecuador to the US dollar.

The UDIS is not a government backed currency in Ecuador.

UDIS
UDIS shown in Pachamama.org article.

A reader responded to this article and wrote:   Dear Mr. Scott, I read the electronic edition of El Hoy almost every day, as I read and understand Spanish well.  However, the news related to the UDIS is not a new topic.  El Hoy has stated that government representatives do not support the UDIS as it would diminish the importance of the USD in which the entire ecomony is invested in.  The news was that a certain community was trying to establish a local system which was not to be called a monetary system, something akin to savings stamps of days gone past in the US, where one would trade these for mechandise only available to subscribers and only at this location.

There has never been any mention that the central government has created this “system” to replace the USD.  Apparently someone talked the community into this and at some expense, these UDIS were produced/printed in Holland and the participants, who are the local farmers and merchants, had to pay in USD (as a “deposit”) to get the UDIS.  So it does not replace the UDIS, and the Ecuadorian government apparently is investigating this, according to El Hoy, as this is not authorized, much like it is not authorized in the US to create one’s own monetary system, even if we try to call it savings stamps, etc

I enjoy reading your daily review and have seriously considered Ecuador as a retirement destination.  I have travelled there at least 6 times and each time, I am thankful that I live in the US, although I do like the relaxed atmosphere and the relatively low cost of living.  Everytime I go there, it is more expensive, just like it is more expensive here, every succeeding year.  I am not entirely confident in their government or how it operates, not that ours is anything to brag about anymore.

However, I also take a road trip every year in the US and travel 5000 to 7000 miles over several weeks to places I have not seen in the US, and each time I return home, I feel grateful for what we have here, that it is still possible to travel long distances here in safety and knowing that the roads are still being maintained, rebuilt, that cities and towns are growing, that our population is growing, and that there is that comforting consistency anywhere you go.  It does not mean that it is safe anywhere you travel or that everyone welcomes you with open arms, even if you spend money there, but it all keeps my outlook in balance.  I still look forward to my annual trip to Ecuador and look forward to your daily review. Best wishes.

The Chairman of the Central Bank of Ecuador, Diego Borja, confirmed this when he said , that the so-called Solidarity Exchange Unit (UDI) currency being circulated in Azuay and Cotopaxi provinces has no official status with his institution. He said “The cooperatives using the UDI currency are not regulated or controlled by the Central Bank and their bank notes only have value between participating vendors,” Borja said. “The official currency of Ecuador is the United States dollar.

Borja added that customers who use the UDI currency must understand that it has no official value. “If this money is brought to banks, it will not be honored,” he says.  Borja added that the Central Bank is investigating those who are promoting the new currency and says legal action is possible.
Pachamama, according to its website, is a foundation with a mission to empower indigenous people of the Amazon rainforest to preserve their lands and culture and, using insights gained from that work, to educate and inspire individuals everywhere to bring forth a thriving, just and sustainable world.  The Pachamama Alliance was born in response to a request from the Achuar, an indigenous people deep in the Amazon region of Ecuador. The Achuar made the courageous decision to seek a partnership with people from the industrialized world who would work with them in protecting their rainforest home and their traditional way of life. Out of this unique partnership, it has become evident that indigenous wisdom and insight offer enormous value in addressing the complex issues that we face in our modern world.

The US dollar, with its own problems remains the official currency of Ecuador.  Various forces in Ecuador may want… and even attempt to create an alternative currency but this is not officially sanction and is even discouraged by Ecuador’s government at this time.

Gary

2013-2014 Super Thinking + Spanish – Writing to Sell – Business & Investing Course Schedule

Schedule 2013-2014  Super Thinking + Spanish  – Writing to Sell – Investing & Business Courses.

Here are photos I took of Mt. Dora…

mt-dora-images tags:

during…

mt-dora-images tags:

its annual arts festival. 

2013

June 21-22-23  Super Thinking + Spanish  St. Charles, MO  Single $699  /  Couple $899 (Teacher Mark Frakes)

July 5-6-7  Super Thinking + Spanish  Sarasota, Florida  Single $699  /  Couple $899  (Teacher Mark Frakes)

July 12-13-14 Super Thinking + Spanish Kelowna, BC, Canada  Single $699  /  Couple $899 (Teachers Shawn & Suzanne Bandick)

August 16-17-18  Super Thinking + Spanish  St. Charles, MO  Single $699  /  Couple $899 (Teacher Mark Frakes)

August 31-September 1-2  Super Thinking Writer’s Camp  West Jefferson, NC  (Gary & Merri Scott)

September 27-28-29  Super Thinking + Spanish  St. Charles, MO  Single $699  /  Couple $899 (Teacher Mark Frakes)

October 4-5-6  Super Thinking International Investing & Business Seminar  West Jefferson, NC  

Enroll here $799.   Couple $999 (Gary & Merri Scott)

November 15-16-17   Super Thinking + Writer’s Camp  Mt. Dora, Florida  (Gary & Merri Scott) 

November 21-22-23  Super Thinking +Spanish  Puerto Aventuras, Mexico Single $699/Couple $899 (Teachers Suzanne & Shawn Bandick)

2014

January 10-11-12   Super Thinking + Spanish  Mt. Dora, Florida  (Gary & Merri Scott)

February 14-15-16  Super Thinking International Investing & Business Seminar  Mt. Dora, Florida  

Enroll here $799.   Couple $999  (Gary & Merri Scott)

For information more contact Cheri Hall at cheri@garyascott.com

Attend all seminars and courses and more FREE or at a discount as an International club member.  See details here.

 

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