27.02.2015 - Ecuador launches new digital currency – but most residents know little about it
Bill passed last July gives Central Bank authority to create digital dollars, but opinions divided along party lines amid concerns of a presidential power grab. The new system, which is officially set to launch on Thursday, will work much like mobile phone bank payments in other countries: users will be able to exchange hard cash for digital money which is stored in an electronic wallet on their phones. As with other mobile payment programmes, text messages will allow users to make payments to other accounts, but what makes this plan different is that this is the first time a national government will have full control; everything from the creation of new units to securing the system against attack will be managed by the Central Bank of Ecuador...............................................Full Article: Source
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