Categories: Bitcoin Entertainment

Ecuador Officially Launches Its Own E-Money System

Click here to view original web page at cointelegraph.com

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 transactions with the delivery of the electronic cash, the issuance of commercial receipts, and the allowance of bank transfers.

In the second half of 2015, users will be able to pay for utilities, tax obligations, orders and other use cases, using the electronic money, continued the release.

Most transactions will be free of charge and the rest will cost a few cents, noted the authority.

Mateo Villalba, manager at the BCE, stated that children, tourists and foreigners are not given the ability to register an electronic money account. However, citizens from other countries who already have an Ecuador certificate may be part of the system, reported media outlet Telesur.

Announced in late August, the government-backed digital currency is widely believed to be an attempt to challenge the US dollar as the country's legal tender. The plan was approved in July in a session of the Ecuador's National Assembly, and ultimately banned the use of "stateless" digital currencies such as Bitcoin.

Other countries, including the Philippines, have also considered issuing their own digital currencies. In early October, Filipino lawmaker Kimi S. Cojuangco, unveiled the "E-Peso Act 2014," a bill that she pushed to be immediately enacted as she stated that the Philippines is lacking "an official medium of exchange or money for the Internet."

Did you enjoy this article? You may also be interested in reading these ones:

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 […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: mediaone

Recent Posts

Wealth manager launches world-first bitcoin yield fund

A US-based wealth manager has claimed an industry milestone with the launch of the first cryptocurrency derivatives-based yield fund on… Read More

5 hours ago

CME Group To Launch Bitcoin Options In Early 2020, Cites Client Demand

CME Group Inc (NASDAQ: CME ) announced Friday that it will launch options on its Bitcoin futures contracts in the… Read More

5 hours ago

Nigerian Rocks Crypto World By Returning NGN 28.8 Mn Worth Of Bitcoin That Was Sent To Him In Error

Here’s the latest on today’s edition of “Wait, What?!”; A Nigerian man woke up one day to find that NGN… Read More

5 hours ago

Bakkt: A Big Boost For Bitcoin (BTC) or Will It Flop?

Share Tweet Send Share The launch of the largest institutional bitcoin product of the year is finally upon us. Can… Read More

5 hours ago

Bitcoin (BTC) Metrics Pointing to Bullish Returns

Share Tweet Send Share Many analysts over the years have said that bitcoin is a speculative bubble, comparing it to… Read More

5 hours ago

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More