Ecuador could approve the dollar as its official currency if the Legislative Administration Council approves the modification of article 303 of the Constitution.

On Tuesday, February 25, it decided to “give way to a resolution presented by the president of the Assembly, Viviana Veloz, so that the plenary creates an occasional commission to deal with a possible modification of article 303 of the Constitution.”

If the request is approved, the country will advance in strengthening the dollarization of the South American nation, according to the Legislative Council in a statement. The antecedent of this petition is located in 2021, when it was introduced by former assemblyman Pabel Muñoz, who is currently mayor of Quito, the country’s capital.

“Although the dollar has been the legal currency in the country for 25 years, in each electoral process the representatives of the RC are accused of wanting to de-dollarize the country, however, they have ruled it out.” Experts weigh the consequences of depending on a foreign currency against the staunch defense of citizens to the US currency due to distrust in their own money.

M.Pino

Source: prensa-latina

(Reference image source: Frederick Warren on Unsplash)

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La entrada Ecuador will make changes to the Constitution to recognize the dollar as its official currency apareció primero en Bitfinance.