Banks must use electronic money system

Between 120 and 360 days is the term mandatory for public and private banks as well as cooperatives and mutual benefit, to be included as Macro agents in the system of electronic money from the Central Bank of Ecuador (BCE), how set it the resolution 064-2015-M, posted in the official record 507 last Monday.

The resolution indicates that this relationship includes “all the services that currently pay and that in the future lend too”. They should also open an account in the system of electronic money from the ECB.

Cesar Robalino, President of the Association of Private Banks of the Ecuador, reported that they are considering the implications of the resolution. And that made it clear that financial institutions never opposed to electronic money but only if  is a way of payment for transactional purposes. (I)