Ecuador (Country)

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Ecuador: Ecuador’s new virtual currency is a source of pride, worry

Published August 18, 2015 by godshope1971

Jaime Rojas keeps his antiquated cellphone on the dashboard of his taxi. He can’t use it to play games or check Facebook, but his “dumb phone” has recently become a powerful tool: He can use it to buy gas, receive fares and send money to family.

Mobile banking has been around for a decade, but this tiny Andean nation recently became the first country in the world to create its own virtual currency. Unlike Bitcoin, Ripple or Peercoin — crypto-currencies with no central bank backing — Ecuador’s dinero electrónico is legal tender, trading alongside the U.S. dollar, which has been the official currency since 2000. ∞∞∞∞∞ MORE »»»»