Ecuador’s Ambassador counters WSJ report with letter, “Ecuador’s Electronic Cash Is Strong”

A letter from Ecuador’s Ambassador to the U.S., Nathalie Cely published in the Wall Street Journal
Ecuador’s Electronic Cash Is Strong
The reality is that our economy is prospering, our society is stable and investors are returning.

In her latest article about Ecuador (“Ecuador’s Phony Bitcoin Ploy,” Americas, Aug. 25), Mary Anastasia O’Grady once again doesn’t let facts stand in the way of her opinions.

First, she grossly mischaracterizes the process through which new electronic-currency legislation recently passed our National Assembly. In reality, the legislation was thoroughly debated among the various political parties in the Assembly and underwent numerous revisions to accommodate concerns and ensure the law is clear in the protection of depositors. Ms. O’Grady may not recognize it, but this is a sign of a healthy, well-functioning democratic process. More importantly, she fails to mention that the president actually vetoed portions of the bill this week and sent it back to the Assembly to better clarify those elements of the legislation. Read Article

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