Ecuador Will Circulate Its Own Digital Currency Later This Year

The US dollar is the currency of choice in Ecuador, something that could eventually be second-best to a digital currency issued by the nation's Central Bank. Ecuador's government says this is a first for cryptocurrencies, and that it will have many benefits, including helping the poor.

The currency, which was approved in July by the nation's National Assembly, could eventually replace the US dollar in Ecuador, though that is not the plan, according to the government. Instead, the digital currency will give citizens a digital way to buy goods, which could be helpful to the poor.

Costs associated with banking will be alleviated, as one proposed benefit. According to the BBC, bureaucrats will be paid using the digital currency. The digital currency will enter circulation starting this coming December, says the Associated Press.

This is good news for lovers of Bitcoin and other forms of digital money, showing — yet again — that people are ready to embrace the new form of money even if some governments still express concerns. No doubt other nations will follow in Ecuador's footsteps, though it may still be a while before we see that happen.

SOURCE: BBC