Digital Foreign Currency & Cbdc

A law passed by the National Assembly of Ecuador gives the government permission to make payments in electronic currency and proposes the creation of a...
A law passed by the National Assembly of Ecuador gives the government permission to make payments in electronic currency and proposes the creation of a national digital currency. In December 2015, Sistema de Dinero Electrónico ("electronic money system") was launched, making Ecuador the first country with a state-run electronic payment system. The soaring price of Bitcoin has raised the question of whether countries should set up their own digital currencies. A digital currency would be issued by central banks, like banknotes, while cryptocurrencies rely on distributed ledgers like blockchain. Digital money can include cryptocurrencies, which operate without the oversight of...