Assembly approved that private banking administers electronic money

Ecuadornews:

The plenary session of the National Assembly (Parliament) of Ecuador was raided today to the veto presented by the president, Lenin Moreno, to a law of economic reactivation that, among other things, gives the private bank the administration of the so-called electronic money.

The bill for the Reactivation of the Economy, Strengthening Dollarization and Modernization of Financial Management will be submitted in the next few hours to the Official Registry or State Law Book for publication, the Assembly reported on its website.

One of the issues that generated the most debate was the electronic means of payment or electronic money, since previously the legislative body had suggested that it be administered by the Central Bank, while the presidential veto passed it to the national financial system.

With 82 affirmative votes, 29 negative votes and 15 abstentions, the legislative plenary adjourned to the presidential proposal, which means that transactions by electronic means of payment will be made through the platforms of the national private financial system.

“The control and supervision will be in charge of the Central Bank of Ecuador, for which the financial entities will provide permanent access and without restrictions to these platforms,” the Assembly communiqué said. In addition, it ensures that the legal project empowers small businesses and the so-called “Popular and Solidarity Economy”, encourages the participation of the private sector, establishes tax incentives, reactivates the economy, strengthens dollarization and modernizes financial management, among other objectives. (I)

Source: http://www.larepublica.ec/blog/portada/2017/12/27/asamblea-se-allana-al-veto-del-ejecutivo-del-manejo-del-dinero-electronico/