Topic: Ecuador: There's no *new* digital currency - page 3. (Read 3936 times)

Inequality will exists forever this has been discussed a lot. If you are there first supporting -> you take bigger risks -> you get more reward. Law of life.

It's only money, the creator and supporters do not shoot for an "to everyone based on need" society. The fiat systems of the current world does not either, in fact it is designed to steal from the widows and fatherless, pumping new money into the oligarks' pockets at an exponentially growing rate.

Having a universal currency would be the best thing to happen. But again with bitcoin, some form of inequality in terms of distribution will exist.

Thanks for clearing that up.
The media got their story all screwed up.

And now they can print dollars. That's what they have been eager to do all the time.

Mobile battery sales will go up in Ecuador.

Thanks for the insightful information. It was nice of you to clear that up.

Specific cryptos for countries is a dumb concept, as demonstrated by AUR and the rest of knockouts. We have Bitcoin, a currency for planet earth. Everything else is deprecated.

I see there have been several rumors and misinformation regarding this digital currency in Ecuador.
As an Ecuadorian, I thought it'd be useful to post some facts:

Ecuador's currency is the US dollar since the year 2000 and that won't change at the moment.

A project to create a new  digital or even crypto currency does not exist.

What will happen in about one month or so is that people in Ecuador (myself included) will be able to create accounts in the Central Bank of Ecuador from our mobile phones.

We'll be able to make payments (i.e. transfers to another account) using our mobile phones only; we'll be able to make deposits on hundreds (thousands?) of points; and we'll be able to withdraw money from the same points, plus all the existing ATMs. Everybody will be able to send and receive payments this way, so we won't need to carry cash anymore.

What's new here is that these accounts are accessible from the mobile phone only, and no Internet connection or smartphone will be required (everything will be via USSD). The idea is to allow everybody to hold an account, even the poorest ones.

Also, because almost all Ecuadorians will have an account in the Central Bank of Ecuador, the Government will be able to use the money held in that Central Bank, effectively issuing virtual money (which is a common practice of all the banks in the world, nothing new here: https://www.youtube.com/watch?v=Hg_1iXbIjFQ).

This digital currency will still be US dollars. There is no new currency involved.