A new electronic currency for Ecuador

The National Good Living Plan 2013 -2017, as its number eight goal, suggests that in order to prioritize equality within power relationships over capital and economic growth the world economic system needs to revive its concept. This would enable the management of the economic system, the strengthening of public finances, and the economical and social inclusion of millions of individuals.

Within this framework, the Central Bank of Ecuador (BCE) develops new mechanics that ease the use of several financial services. Electronic Money is the electronic payment method, personally managed by the BCE and denominated in US Dollars, in accordance with that which will be set forth in the Essential Monetary and Financial Code, which is just changed through electronic, mobile, electromechanical and fixed devices, intelligent cards, computers and others, which are the product of technological advancement.

Additionally, it is a non-profit, low cost and more secure service for the citizenry. Given it is administered by the BCE, it prevents compatibility issues between monopolies and different systems, as has occurred in particular places in the world. Digital technology is gaining ground in every place on an international level. The BCE works to make the technological benefits of the XXI century accessible to the entire citizenry.

There’s more info about the new currency here.