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The state of Ecuador has ordered financial institutions in the South America country to adopt the Official Electronic Currency, Playboy has published an article about Bitcoin and more news
Banco Central del Ecuador (BCE) announced it has officially entered into the first phase of the establishment of its own electronic cash system, asking citizens over 18 years old to open an account using their smartphones.
The tiny South American nation of Ecuador has been an economic wasteland for many years. Now the country is planning an experiment that will likely return economic power to them and end with disastrous results.
Ecuador has announced that its government-backed digital currency will be ready for circulation by December in a move which analysts dispute is tantamount to replacing the US dollar as its legal tender.
Ecuador’s national assembly voted Thursday afternoon that it establishes a state monopoly over the issuance of “electronic money.”
Ecuador is a small country with a great potential for cryptocurrency and in heavy need of it. These topics were among the more important ones at the first ever meet-up for people invested in Bitcoin.
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