National Assembly of Ecuador Bans Bitcoin
The National Assembly of Ecuador has banned effectively the decentralized digital currencies like Bitcoin while ruling new guidelines for the state run currencies and present monetary and financial laws.
WASHINGTON (Scrap Monster): The National Assembly of Ecuador has banned effectively the decentralized digital currencies like Bitcoin while ruling new guidelines for the state run currencies and present monetary and financial laws.
Ecuador has approved the new bill with 91 votes of favor and it will now goes for the signature of President Rafael Correa. The new law constitutes the permission to make payments in electronic money and the prohibition of Bitcoin.
The National Assembly issued in a statement that the electronic money would stimulate the economy. It added that the electronic money would be a benefit for the citizen those who have only credit cards and do not possess a checking or saving accounts.
The electronic current will be backed by the assets of Banco Central del Ecuador, the nation’s central bank. The current will be operated in tandem with Ecuador’s official current, US dollar. However, yet it is not certain about the exchange rates.