Previous Story
The use of electronic money is being debated in Ecuador, a dollarized country
Posted On 29 May 2016
Since September 19, 2014, 59 of the 84 publications that the Central Bank of Ecuador (BCE) has made on their YouTube channel are linked to promoting the use of electronic money, an alternative mean of payment, said the regime, during an economy illiquidity, with less dollars.
It is explained with cartoons, for example, how to open an account by sending a text message without cost nor internet. “It seems very agile,” says who is identified as Maria Aguilar -a programmer from Guayaquil- in another video with images and testimonies of taxi drivers, owners of businesses. “I heard it in larger countries, but I did not think it would happen in Ecuador,” says Carlos Lopez of the University of Yachay, according to the promotional video.
This is an initiative derived from the effective date, 20 months ago, of the Financial and Monetary Code, which gives the Central Bank the exclusive function of issuing electronic currency backed by liquid assets (I).
