The Central Bank stressed that this cryptocurrency has no support, because it supports its value in speculation. The Central Bank of Ecuador informed the public that bitcoin (cryptocurrency) is not a means of payment authorized for its use in the country. Through a statement, the entity reiterated that bitcoin has no support, because it supports its value in speculation.
He warned that the financial transactions made through this payment system are not controlled, supervised or regulated by any entity in Ecuador, “which is why its use represents a financial risk for those who use it”.
The Central Bank reiterated that the purchase and sale of cryptocurrencies -such as bitcoin- through the Internet is not prohibited; However, he stressed that bitcoin is not a legal currency and is not authorized as a means of payment for goods and services in Ecuador, as established in Article 94 of the Organic Monetary and Financial Code. (I)