I think Ecuador’s central bank might be coming out with an altcoin soon, they legislated the monopolization of "electronic currency"
EcuadorCoin, A good pump and dump to watch for
read all about it!They plan to develop the thing by themselves - I predict a glorious IT project failure.
(If they can make the software and start the coin, I predict a failure of demand for the coin).
From what I uderstood of those news, they won't even think of competing with bitcoin or other cryptocoins. And vice-versa, there will be no space for cryptos in Ecuador. And unless they really botch it up, people will use their coin because it will be cheaper than other payment methods AND much faster than bitcoin payments.
The only purpose of the blockchain, miner network, and associated cryptocoin paraphernalia is to get rid of the bank as trusted intermediary and manager of the account ledger. Since their coin will be managed and intermediated by their federal bank, the only part of the cryptocoin idea that is of any use to them is the public-key signing of the "digital checks", with offline generation of private and public keys.
However it is quite possible that the Ecuador law was pushed by some company who expects to be the monopolistic manager of that coin. That would be a move very much in the style of Brock Pierce.
Indeed, since 2000 Ecuador's official currency is the US dollar. So the "Ecuadorcoin" may well be a pilot implementation of Pierce's Realcoin...
