The Ecuadorian government has begun the long process of registering citizens interested in receiving the country’s official government backed alt coin.
Ecuador has taken the most unique approach to crypto-currency of any government around the world – one which has generated a lot of interest but has won over few friends. After first moving to ban the sale and use of crypto-currencies such as Bitcoin, the South American nation announced that it would create and distribute its own crypto-currency.
Starting from December 24th any citizen of Ecuador can now register to receive the new digital currency. Interesting parties must be over 18 years of age and have Ecuadorian nationality of residency papers. In order to register, citizen must send a text message to *153#. They will then be eligible to receive coins when the new currency is distributed. This distribution is expected to take place some time in February 2015.
The unusual move by the government of Ecuador to produce its own alt coin has raised eyebrows amongst alt coin enthusiasts. For many people, the biggest advantages of currencies like Bitcoin come from the fact that they are decentralized. A government crypto-currency such as the one being developed in Ecuador, however, will inevitably end up being fully centralized. Whether this centralization will nullify and advantages uses a crypto-currency may have and render the whole experiment pointless, or if it will still prove to be a useful tool for making payments over the internet, remains to be proven. At the very least, it will be an interesting experiment.
Ecuador has taken the most unique approach to crypto-currency of any government around the world – one which has generated a lot of interest but has won over few friends. After first moving to ban the sale and use of crypto-currencies such as Bitcoin, the South American nation announced that it would create and […]
All this week, the crypto market has been under a microscope both by politicians with regulatory power, and throughout the… Read More
You’ve probably heard of Bitcoin, the disruptive cryptocurrency rollercoastering up and down in value daily (today one coin is worth… Read More
watch nowVenture capitalist Tim Draper told CNBC on Friday that bitcoin is good for humanity and that federal regulators should… Read More
Born in 1899 in Vienna, Nobel Prize-winning economist F.A. Hayek is a legend of sorts in voluntaryist, libertarian, and crypto-economic… Read More
Hardfork Enables Completely Untraceable Currency Transactions at Low Cost, Precedes Upcoming Particl Open Marketplace Mainnet Launch Particl , the open-source… Read More