Central Bank of Ecuador works on regulations for cryptocurrencies

The manager of the Central Bank of Ecuador, Guillermo Avellán, reported that the institution is working on a draft to apply cryptocurrency regulations in the country.

Avellán also spoke about the advances in digital assets in comparison with neighboring nations such as Colombia and Peru, who are also in their own regulation process.

“The Central Bank is working on a project that allows cryptocurrencies to be regulated, bearing in mind that the Monetary Code establishes that the dollar is the only legal tender in the country. But we are working on a regulation that will be presented to the Monetary Board for review and approval,” said the manager.

The head of the Central Bank emphasized that Ecuador does not plan to recognize cryptocurrencies as legal tender, as Nayib Bukele did in El Salvador.

“We must bear in mind that cryptocurrencies are an investment asset, but given their high volatility, it is very difficult to consider any of them as legal tender,” Avellán added.

K. Tovar

Source: DiarioBitcoin