| 40% of Ecuadorian adults don’t have a bank account, but is their new ‘currency’ more about escaping the US dollar? Under a new monetary code, the Ecuadorian government in August released more information about plans for what they call a digital currency.
40% of Ecuadorians do not have access to a bank account, says Pablo Paredes, director of the Institute of Economics at the Universidad San Francisco de Quito. From December 2014 people will be able to exchange physical cash for digital money that they will keep in an electronic wallet on their mobile phones. “It’s no different from other mobile wallets offered in other countries.”..............................................Full Article: Source
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