Ecuador Reportedly Bans Bitcoin and Digital Currency Usage
While more and more countries are recognizing the technological achievement that is bitcoin, Ecuador is seemingly taking a step back by effectively banning bitcoin and other digital currencies in a recent legislative vote, as reported by CoinDesk. The ban came as part of a series of amendments to the financial law in the small South American country, of which there were reportedly 91 lawmaker votes in favor. The amendment will allow the Ecuadorian government to make payments is "electronic money", but slashes the potential for crypto-currencies that have seemingly been taking the financial....
Related News
In what should be the first of many over the coming years, Ecuador will soon begin trials with the world's first national digital currency. They are the first nation to agree officially to implement it's own digital currency as a state-supported national system of finance. The Central Bank of Ecuador has set up a trial version to begin later this month, and continue through mid-November 15th. Also read: Ecuador's Centralized National Digital Currency. Ecuador Trials the World's First National Digital Currency. This is an evolving story CryptoCoinsNews has been watching for months, as....
It was just last month that the small Latin American country of Ecuador banned Bitcoin. The Ecuadorian National Assembly voted to pass a monetary and financial reform law introduced to the Assembly by Ecuador's President, Rafael Correa. While the outright ban of Bitcoin and other decentralized digital currencies like Bitcoin is news in and of itself, the new sparkly gem of Ecuador's new stance is their intention to create their own digital currency. Most recently, Ecuador's e-money presentation, which provides more details on the new Ecuadorian National digital currency has been posted to....
Earlier this year, the South American nation of Ecuador became the first country in the world to have its own official digital currency. Ecuador abandoned the use of its national currency 'sucre' in 2000 amidst the banking crisis to adopt the US dollar as the currency for transaction. Since then the country has been using dollars as the instrument of payment. The country, led by its President Rafael Correa since 2007 had announced in mid-2014 the plan of going digital with a government backed digital currency. The new digital currency system is set up to be used alongside the conventional....
The National Assembly of Ecuador has effectively banned bitcoin and decentralized digital currencies while establishing guidelines for the creation of a new, state-run currency. With 91 votes in favor of the amendments to the country's existing monetary and financial laws, the National Assembly approved a bill that now goes to President Rafael Correa for signature. The law gives the government permission to make payments in 'electronic money', but decentralized digital currencies like bitcoin will now be prohibited. The proposed electronic money is to be backed by the assets of the Banco....
There's a good reason for the banning of bitcoin and digital currency usage in Ecuador back in July. According to an Associated Press report, Ecuador has plans to create the first government-issued digital currency, in a move that may eventually see the phasing out of the U. S. dollar in use by the country today. Officials at the country's Central Bank have said they expect to begin circulating the digital currency some time in December of this year, though details on what said digital currency will be named is under wraps. A key point officials have made is that the digital currency will....