Second debate about Monetary Code will be tomorrow

Tomorrow, the draft Organic Monetary and Financial Code will be discussed for the second time at the plenary of the National Assembly.

On Saturday, the Economic Commission Board approved the report for the second debate of the draft incorporating changes to the original draft submitted by the Executive.

The project will regulate financial activities in Ecuador, creating a Board of Financial Regulation and Monetary Policy.

From Alianza PAIS (AP), 8 Assemblymen voted in favor of the report. Ramón Terán (PSC) abstained and Ramiro Aguilar (former SUMA) voted against the project.

Aguilar said that he voted against it because the issuance of electronic money would become a tool to spend without limit and the law would look to control the Banks to manage the flow of that currency.

Virgilio Hernández (AP), added that the issuance of electronic money must be backed by assets of the Central Bank of Ecuador (BCE for its Spanish acronym) and its use will be voluntary.