ECB defends electronic money system

The implementation of the Electronic Money System published on March 20 in the Official Register, will be implemented for approximately the last quarter of this year.

Diego Martinez, president of the Central Bank of Ecuador (BCE) defended the new system and said “unfortunately in recent days, we have seen that there have been several misrepresentations (…) by some analysts…”

The emission of a statement in reference to the ECB system, said: “It will allow make payments in dollars of the United States via cell phones without the need of internet or with an account at a financial institution.”

This will be a voluntary payment way such as fractional coins, debit cards, checks or electronic transfers, but with lower costs to the public and will be backed by assets of the ECB.