Electronic money must be backed up by assets of the BCE

The Commission on Economic and Tax Regime approved that the circulation of electronic money may only be made with the endorsement of assets of the Central Bank of Ecuador (BCE for its Spanish acronym), according to Assemblyman Ramiro Aguilar.

In Article 98, the project stated that “electronic money will be put into service privatively by the Central Bank of Ecuador, on the basis of policies and regulations issued by the Board of Monetary Policy and Financial Regulation”. Aguilar noted that to this text it would be added that the BCE will be the one to provide electronic money only to the extent of its assets. “If it emits more money is illegal”, he added.

Yesterday, the Commission continued with the analysis of the project and Oswaldo Larriva, President of the institution, received comments from various groups and organizations. On July 25, the Assembly shall complete the process.