Ecuador: The First Nation to Create its own Digital Currency
Over the weekend, CCN reported on the government of Ecuador's decision to ban Bitcoin, along with all other cryptocurrencies, via a National Assembly majority vote on July 23rd. An outright ban placed on Bitcoin by one nation, or another, has always been inevitable. What is more interesting (and unexpected), in the case of Ecuador, is its concurrent announcement of plans to create its own national cryptocurrency. Ecuador is small South American country situated in the Andes, between Peru and Colombia. The country's booming mining economy and hydro-electric output is sizable and in 2013,....
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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....
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....
The Ecuadorian government has begun the long process of registering citizens interested in receiving the country's official government backed altcoin. Ecuador has taken the most unique approach to crypto-currency of any government around the world - one which has generated a lot of interest but has won over few friends. After first moving to ban the sale and use of crypto-currencies such as Bitcoin, the South American nation announced that it would create and distribute its own crypto-currency. Starting from December 24th any citizen of Ecuador can now register to receive the new digital....
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....