Presidential Candidate for Ecuador Proposes National Cryptocurrency
A presidential candidate in Ecuador wants to merge the gold standard with blockchain technology.
In brief
Geovanni Andrade proposes to mint a gold-backed crypto.
But will he have the backing of his party, let alone the electorate?
Ecuador is not what you could call a crypto-friendly country. The closest it has come to having a favorable position towards crypto was when it moved from a ban on their use to their acceptance as assets but not as a means of exchange. However, a presidential candidate wants to change that.
Geovanni Andrade, president of the Ecuadorian-Chilean Chamber of Mining and presidential candidate for the 2021 general election, recently disclosed his intentions to create a national cryptocurrency to facilitate transactions within Ecuador.
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