Ecuadorians see cryptocurrencies as a form of investment. Its use as a payment method is prohibited in the country.

Referential image of a person using a cryptocurrency ATM in Madrid, in December 2021.
In Ecuador, three out of 10 people who have a bank account have bought cryptocurrencies , according to the study Trends in Means of Payment, carried out by the company Minsait Payments, which manages the Ecuadorian payment firm Credimatic.
This places the country among those that acquire the most cryptocurrencies in Latin America.
Cryptocurrencies are digital money created by people through computer codes.
One of its main characteristics is its decentralization of the world’s payment systems .
But, cryptocurrencies have been criticized by governments and international institutions that maintain that this type of virtual money is used by gangs that buy weapons, drugs and other illegal items on the ‘deep web’. That is, they use encrypted portals and connections to leave no trace of their illegal operations.
Take refuge in cryptocurrencies
The use of cryptocurrencies in Ecuador, as a means of payment, is prohibited . The only currency allowed for the purchase and sale of goods and services is the dollar.
So why do Ecuadorians buy cryptocurrencies? To have them as a form of investment because there is no legal rule that prohibits it.
In general, consumers around the world view cryptocurrencies as an asset rather than as a method of payment, the report says.
In Latin America and Europe, people are more willing to buy cryptocurrencies as “haven assets ” to protect themselves from the devaluation experienced by government-issued currencies.
An asset is considered to be a refuge when it is less exposed to market volatility, especially in times of financial crisis.
Although investment in cryptocurrencies is not regulated in Ecuador, the authorities warn about its high risk , because they do not have support.
Change of habits
Despite the prohibitions or restrictions of the Latin American countries, the predisposition of the population to use cryptocurrencies to buy is high, says the report.
This is due to two factors:
- In the region there are businesses and enterprises that accept them through a type of electronic wallet.
- Digital payment methods are gaining space due to changes in habits due to the daily use of digital devices and the rise of electronic commerce , as a result of the pandemic.
In Ecuador, USD 400 million are moved through the Bitcoin cryptocurrency per year, according to the Exchange database.
“The difficulty of creating a global acceptance network in which consumers can exchange cryptocurrencies for goods and services has led crypto providers and wallets to rely on payment platforms such as Visa and Mastercard,” concludes Minsait Payments