FX: Welcome to the Wocu
A new ‘currency’ was launched in early September, when the WDX Organization used its synthetic Wocu – world currency unit – to trade on the Bordeaux Wine Exchange. The symbolic transaction will, WDX hopes, lead to swift acceptance and use of the Wocu as an international global unit of account. Ostensibly, the Wocu is little different from other basket products offered by numerous banks. Where it perhaps differs from bank offerings is in its independence. WDX has established an institute to ensure its integrity and it hopes that its proven low volatility – it has been back-tested over 10 years – will help to increase its chances of acceptance.