Ecuador: All entities in financial sector obligated to join electronic currency system

Posted on June 2, 2015 • Filed under: Economy, Ecuador

panampost.com reported…While companies worldwide are embracing the rise of decentralized cryptocurrency bitcoin, Ecuadorian officials have chosen to make local banks adopt a home-grown state digital currency — whether they like it or not. The nation’s central bank has given them 360 days to get on board, with a mandate in Resolution 064-2015-M, released on May 25 in the official register.

The administration of President Rafael Correa is pushing forward with its own brand of centralized digital currency. (El Comercio)

The ruling, signed by Economic Policy Minister Patricio River Yánez, establishes that “all entities of the public, private, and cooperative financial sectors are obliged to incorporate themselves as macroagents within the Electronic Currency System.” Read Article

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