New board will be responsible for regulating the BCE electronic money

The Monetary and Financial Code, published in the Official Register on Friday, September 12, states that only the Central Bank of Ecuador (BCE for its Spanish acronym) is the entity authorized to provide and manage the electronic money “equivalent and convertible into dollars, according to the regulation and authorization of the Board of Politics and Monetary and Financial Regulation,” the new entity created by the law, which states that the use of electronic money will be voluntary.

The electronic money in the country will start operating “later this year,” according to the BCE.

As the authorities explained, the involved economic agents can be stores, pharmacies, banks, etc., which will receive the physical cash and wiil chargeit to the users accounts to back up transactions made with electronic money.