Ecuador: Banks mandated to offer services tied to electronic currency

bloomberg.com/Nathan Gill reported that Ecuador, which uses the U.S. dollar as its official currency, will require banks to offer services tied to a government-created electronic coin. Banks with assets larger than $1 billion will have to make the services available within 120 days. Smaller institutions (banks) will have up to a year to make the transition. Congress did approve the creation of the new electronic currency with the condition that its use be voluntary. The new resolution was approved on Paril 16, 2015, is designee to attain payment systems to promote and contribute to Ecuador’s economic stability. Read Article

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