Posted On 16 Dec 2016
The differences between the Superintendence of Market Power Control and the Government are constant. The use of electronic money, however, is a subject in which none of them is willing to give in.
Tuesday, the First Instance Resolution Commission of the Superintendency, in the midst of an investigation to private banks, decided that the electronic money system should be implemented compulsorily in all financial institutions. Failure to comply would be punished with up to 8% of the volume of banks´ money.
That decision was questioned by the Financial Regulation Board, which ensures that it is the only body that can decide on alternative means of payment. Also, the board recalled that this is “voluntary.”
Pedro Solines, the secretary of the Public Administration, defends that position. He told Daily Expreso that “the regulation of the Financial Board” is the one that matters to the Government. That is, the Superintendence directed by Pedro Paez can not force private banks to use electronic money.