Ecuador’s Digital Currency to begin circulation in December, 2014

Posted on August 30, 2014 • Filed under: Economy, Ecuador

BBC.COM reported the Ecuadorean government has released more details of its plans to create what it calls the world’s first digital currency issued by a central bank. Central bank officials say the electronic money, as yet unnamed, will start circulating in December. The new money will be used alongside the existing currency in Ecuador, the US dollar. President Rafael Correa has said the digital currency will help those who cannot afford traditional banking. Central bank officials say the electronic money will be used to pay government bureaucrats in a “hygienic manner”. Read Article

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