Dinero electronico
CancelledEcuador
Central Bank(s)
Central Bank of Ecuador
Announcement Year
2017
Status
Cancelled
Retail/Wholesale
Retail
Structure
Account
Technology Provider
Mobile Money
DLT / non-DLT
Non-DLT
Electronic money will not only help the poor, he added, but will act as a cost-saving mechanism for the government: Ecuador spends more than $3 million every year to exchange deteriorating old notes for new dollars.
Ecuador was the first country to issue a digital currency (the so-called dinero electronico, or DE) in 2014. Widely mistrusted by citizens, the DE accounted for less than .003% of currency in circulation in 2016 and was abolished by the National Assembly in December 2017.
Link to announcement
Last update: May 2017
May 2017
None → Cancelled
Announcement Year: 2017
Retail/Wholesale: Retail
Structure: Account
Technology Provider: Mobile Money
Description: Ecuador was the first country to issue a digital currency (the so-called dinero electronico, or DE) in 2014. Widely mistrusted by citizens, the DE accounted for less than .003% of currency in circulation in 2016 and was abolished by the National Assembly in December 2017.
DLT / non-DLT: Non-DLT
Main motivation/goals of the CBDC: Electronic money will not only help the poor, he added, but will act as a cost-saving mechanism for the government: Ecuador spends more than $3 million every year to exchange deteriorating old notes for new dollars.
Link to announcement: cointelegraph.comwww.alt-m.org
Country / Region: Ecuador
Central Bank(s): Central Bank of Ecuador
No recent news found for this currency.