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They used to use the Sucre. When it crashed a lot of people lost a lot of money. I wish I knew more about that, and why they decided to bend over and use the world's biggest terrorist organization's currency.
Argentina is toying with the idea of doing the same thing. tl;dr - Decades of out of control inflation. Currently the worst inflation in the world. The belief is that pinning their economy to the USD would stop that
Yeah Argentina is slipping back into a fascist dictatorship
Staggering ignorance. Not like you could just Google the answer. Lol
I would need to read a few books to fully understand something so complex.
Always a fun combination.
Do we have a Lemmy community for Ecuador yet?
Looks like someone got a nice vacation with all those credit card points.. lol bet they only switched because of that promotion
We should've discontinued the dollar bill so that these coins would get used in the US, too.
I lived in Ecuador for a bit and it's pretty terrible when you pay for a $5 item with a twenty dollar bill and the cashier hands you back fifteen of these coins, which has happened to me on multiple occasions.
I think you mean "pretty fuckin sweet!" Coin currency master race!
I disagree. I hate carrying any coins, while dollars of any denomination fit nicely in my wallet.
I have a hunch that if we were to swap to these instead of paper dollars for $1, prices would go up simply because retailers would you d everything up to the nearest $5 increment.
That didn't happen in Australia when we replaced our $1 note with a $1 coin.
But these days, it's a non issue, because as a country, we basically don't use cash at all
Isn't the wallet thing kinda backwards though? Like, it's not as if we all had wallets perfectly sized to carry this kind of paper money before the paper dollar was introduced.
I figure that if coins had been the predominant form of currency for at least the past century, we'd have a great way to carry coins other than a pouch, and paper money would be inconvenient.
Plebs without sacks of coins 🙄
Canadian here, between electronic payments and coins being more durable than paper or polymer money, retailers don't have any incentive to charge a less competitive price.
Awesome job on killing the penny up there! Wish we could do that in the US.
We need to kill the nickel too.