The World's First Central Bank Electronic Money Has Come – And Gone: Ecuador, 2014-2018
In 2014 the government of Ecuador, under then-President Rafael Correa, announced with great fanfare that the Ecuadorian Central Bank (BCE) would soon begin issuing an electronic money (dinero electrónico, or DE). Users would keep account balances on the central bank's own balance sheet and transfer them using a mobile phone app. Enabling legislation was passed in September, qualified users could open accounts beginning in December, and the accounts became spendable in February 2015. A headline on CNBC's website declared: “Ecuador becomes the first country to roll out its own digital cash.”
The subsequent fate of the electronic money project has received less attention in the American press. Less than three years after opening, the system is now shutting down. In December 2017 Ecuador's National Assembly, at the urging of President Lenin Moreno, Correa's hand-picked successor who took office earlier in the year, passed legislation to decommission the central bank electronic money system.
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https://www.alt-m.org/2018/03/29/the-wo … 2014-2018/
Ecuador's Cryptocurrency Has Come And Gone: Ecuador, 2014-2018
Funny this should happen at the same time Venezuela is making crypto currency transactions mandatory in certain cases. It did seem from day one that most people in Ecuador had no reason to trust or deal with the central bank, that it would be unpopular from day one. You can lead a horse to water, but you can't make him drink.
The cryptocurrency of Ecuador was supposedly for Ecuadorians who did not have bank accounts.
Expecting people without bank accounts to start moving money around with apps was unrealistic and illogical.
After a lifetime of dealing with physical money, trusting money to an 'invisible' system just couldn't catch on.
cccmedia
In other crypto currency news, saw there was a $600 million scam that went down in Vietnam. With the IRS insisting it is not currency but an asset purchase, subject to tax reporting every time any is sold or used, cannot imagine why any US Citizen would want to get involved.
For the same reason that so many geo politically astute Americanos are leaving the U.S. I would suppose, but then that doesnt necessarily mean its not ill advised.......
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