Despite being out and about in the financial world, cryptocurrencies have had a hard time being recognized by government officials. Ecuador, however, seems to be more hostile than in other countries. Over the years. Ecuador has been vocal about its resentment towards crypto. A presidential candidate was seen yearning for a national crypto asset.
Ecuador To Get A National Cryptocurrency?
While the citizens of Ecuador have been prepping for the 2021 general election, presidential candidate, Geovanni Andrade was seen sprucing up the financial scene in the country. The Ecuadorian-Chilean Chamber of Mining who is running to be President of the country appeared in a recent interview pointing out the need for a national virtual currency.
With this, Andrade hopes to carry out transactions within the country in a much easier manner. He hopes to peg Ecuador’s national crypto-asset with gold. He added,
“We are looking at ways to create an Ecuadorian cryptocurrency, this does not mean that we are going to escape from dollarization—we must support dollarization.”
This further affirmed that this potential national currency would be an alternative mode of transaction and would not replace the dollar or the country’s national currency. Andrade revealed that this asset could pose extremely beneficial for the country.
Central bank-issued digital currencies have been making the rounds now. Countries across the globe have been working with their respective central banks to roll out cryptocurrency like assets. While China has been spearheading the whole movement, other countries are jumping onto the bandwagon. These assets have been speculated to cause trouble to the hold that fiat currencies and cryptocurrencies have already established.
Canada’s Former Prime Minister, Stephen Harper, in a recent interview revealed that CBDC’s were inevitable. The ever-growing fast-paced financial world would force CBDCs out of every country. However, dealing with regulatory hurdles would be a given for these assets, he suggested.