CRYPTOCURRENCIES IN ECUADOR: SITUATION AND PROSPECTS
- Hugo Orellana
- Mar 15, 2022
- 3 min read
Updated: Jun 27
By Hugo Orella
With the help of the internet, a new financial exchange system based on blockchain technology has been created. Commonly known as cryptocurrencies, this exchange system has been operating worldwide for several years with Bitcoin being the most widespread of all.
The main advantage of these systems is that they do not depend on any authority or central bank. This blockchain technology prevents counterfeiting, possible privacy violations, and reduces transaction costs.
Cryptocurrencies are traded all over the world and Ecuador is no exception. Despite the fact that these are not officially accepted in the country as a means of payment, as determined in Article 94 of the Financial Monetary Code which establishes that the Dollar of the United States of America is the only currency of legal tender in Ecuador, this type of virtual currency is already used actively in the country. Bitcoin can be found in some shops and service providers around the country.
