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Private banks plan to manage the electronic money system by the end of 2017
Posted On 08 Aug 2017
Ecuadornews:
Private banks already have a plan for the management of electronic money. First, legal reforms must be done the Public Finance Code to ensure the exclusive control of private banks and cooperatives; and delegate the regulation of tariffs to the Monetary Policy Board and the Central Bank. Banks will then be able to implement the platform for its use, which could be later this year.
One of the primary goals is to reduce the use of physical money. The idea is to massify the service but to create a payment ecosystem. For Finance Minister Carlos de la Torre, it is important that electronic money works to prevent the injection of dollars into the economy from reserves, so it does not matter whether the dose comes from the Central Bank or private banks. Among the conditions set by the State portfolio, it is that the cost structure is low. (I)
