Ecuador Pushes Forward on Upcoming Electronic Currency System

As previously reported on CNN, Ecuador has now started to implement their new electronic cash system through the Central Bank of Ecuador. Ecuador has long needed a better and more inclusive way to integrate the sixteen million Ecuadorians into the nation's economy and banking system. Approximately 40% of the population are "unbanked", so this can have many benefits to the state and the economy as a whole. The Central Bank of Ecuador held a press conference to reveal the details of the EMS or Electronic Money System. As of now, the US Dollar is the de facto national currency and will be....

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....

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....

Banco Central del Ecuador (BCE) announced it has officially entered into the first phase of the establishment of its own electronic cash system, asking citizens over 18 years old to open an account using their smartphones. Starting from December 23, Ecuador citizens over 18 years old can open an electronic money account using a simple code that is required to be enter on their mobile phones, reads the official release. This date triggers the beginning of the country's three-phase launch, said the central bank. From mid-February 2015, the second phase will consist in processing the first....