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by
Aisshwarya Tiwari
on
January 18, 2021 Regulation
Ecuadorian presidential candidate wants the country to join in the CBDC bandwagon.
Making Ecuador Crypto-Friendly
According to a recent report by
Decrypt, Ecuadorian presidential candidate for 2021 and the current president of the Ecuadorian-Chilean Chamber of Mining, Geovanni Andrade, recently stated that he has plans to develop a national cryptocurrency to enable transactions within Ecuador.
The presidential hopeful, in a recent interview with the digital newspaper
Primicias shed light on his government plan, stating that a national cryptocurrency would make internal transactions easier and facilitate their audit.
In addition, Andrade said the national cryptocurrency project is an essential part of his vision for Ecuador.
Ecuadorian Presidential Candidate Suggests CBDC to Improved Payments
Last Updated: 18 January 2021
Several developments headlined the news cycle for the crypto industry in 2021. One of them was the growing interest in Central Bank Digital Currencies (CBDCs). The momentum appears to have spilled into this year as more countries are now buzzing with talk of a CBDC.
CBDC for Better Digital Payments
Geovanni Andrade, a candidate in Ecuador’s next presidential elections, proposed the idea of launching a CBDC as a possible solution to the country’s money transfer space.
Andrade, who is currently the president of the Ecuadorian-Chilean Chamber of Mining, explained to local news source Primicias that a CBDC could help speed up transactions in the country and help corporations improve their audit processes.
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.