The President of Ecuador (Ecuador) Rafael Correa plans to pass a bill to support the country's economy with digital cryptocurrencies. His aim is to help the nation deal with its debts, according to a publication Bloomberg.
Ecuador has no local currency, as the country has adopted the US dollar as its official currency since 2000. However, if plans for the new cryptocurrency go ahead, it will run alongside the US dollar, and will be controlled by the country's central bank.
According to the proposal, the digital currency should be supported by a form of cash, probably dollars or some other world currency.
According to a July 23 publication by the news agency of Ecuador PanAm Post, the debate on reform began on July 22, and Rafael Correa presented an initial proposal on June 25.
The reform of the law to create a digital currency and the forthcoming changes in the financial regulation of the system were controlled by the executive mechanism and presented to the Congress of the country, which was described as "urgent" by Mr. Correa.
A very advanced idea from the President of Ecuador, harmonized with the country's needs and today's technology. It would be utopia to believe that such movement can be adopted for its economic and fiscal problem Greeces?
