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Carlos de la Torre: ‘The use of cash should be minimized in a year.’
Posted On 04 Sep 2017
Ecuadornews:
Interview to Minister of Finance Carlos de la Torre
Q: What role will the Central Bank play in the management of electronic money?
A: It will continue to administer the National Payments System. The Central Bank will no longer hold the electronic money accounts.
Q: Who will manage the Central Bank platform?
A: Possibly the National Corporation of Popular and Solidary Finance (Conafips), because credit cooperatives would integrate the platform.
Q: How much did the Central Bank spend to implement this platform?
A: About USD 5 million.
Q: How will private banks recover the platform investment?
A: Rates may not be different from those that are now applied by the Central Bank system. Exact rates have not been agreed, but they will have to be adjusted to established rates.
Q: What about people who already have an account in private banks? Will the electronic money account be merged?
A: It will be handled through a primary account. The electronic money account is not a checking account or a savings account; it is an independent account.
Q: What is the aim?
A: USD 800 million in one year from the beginning of the project But it is not only for the use of electronic money but also for the use of debit and credit cards and Internet transfers. The Central Bank was required to have 100% of the physical cash backing.
Q: What will happen with the transfer?
A: There is a confusion generated by the political question. Electronic money is an account equal to a savings or checking account. Dollars are deposited and withdrawn in the account. There must be a previous deposit of money that can be physical or transferred from another bank account to make a payment with money from the mobile wallet. (I)
