Ecuador will have the first digital currency issued by a central bank

Central bank officials say the as-yet-unknown currency will coexist with the US dollar and be aimed at people with fewer resources who cannot afford traditional banking services.

Some sectors are wondering if this is the first step to abandon the US dollar – the Ecuadorian currency since January 2000 – but the country’s president, Rafael Correo, has denied it.

Critics say that the imposition of control measures by a figure like the central bank contradicts the free foundation of existing digital currencies like Bitcoin and that it can lead to political manipulation of the new currency.

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