Last month, the long-troubled South American country of Ecuador came to the attention of the bitcoin community when the country’s Congress passed a new law that would create a state-backed digital currency, while at the same time banning the use of existing cryptocurrencies. The move struck many as extraordinarily preemptive, as bitcoin adoption in Latin […]

Earlier this week, the National Assembly of Ecuador began debate over a bill that would create a state-controlled digital currency. One extremely controversial element of the bill was an amendment that would make the use of other digital money in the state illegal. In effect, the law would ban the use of bitcoin and other […]

On Thursday, Ecuador’s Congress will vote on a proposal to create a state-controlled digital currency, and to prohibit the use of any digital currency in the country not backed by the nation’s central bank. Regional news outlet PanAm Post reports that the move was presented by President Rafael Correa as “a matter of urgency,” although […]