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Ecuador to become first country to launch government-backed virtual currency

By Shawn Knight ยท 5 replies
Aug 29, 2014
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  1. Ecuador is on track to become the first country in the world to launch a government-backed virtual currency. The as-yet named currency is expected to launch in December alongside the country's existing currency, the U.S. dollar, which was officially adopted in...

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  2. deemon

    deemon TS Addict Posts: 253   +70

    1. Isn't the point of virtual currencies to be independent from governments (and their infinite money printers printing endlessly new money and causing endless inflation)?
    2. How exactly would this be any different from any other official currency? That it never will have any cash version?
    Jos likes this.
  3. Porbably not to get the World Bank involved in the currency, and manage it localy (country), save money by not having money printed rather than virtual.
  4. Ponzis are great for the creator.
  5. cmbjive

    cmbjive TS Booster Posts: 777   +138

    Yeah, this will go over well in a country that already has problems with its actual currency.
  6. captaincranky

    captaincranky TechSpot Addict Posts: 12,759   +2,431

    I believe Ecuador has fairly high levels of poverty. High levels of poverty usually mean not all households have computers. So, with cyber currency, not all individuals will be able to access it. Come to think of it, there will be no difference. People who have no "real money" now, won't have any crypto currency either....:oops:

    What this means to me is, simply that the US will have a significant increase in the number of people coming from Ecuador to escape poverty. And the Ecuadorian drug cartels will still live happily and in great wealth ever after. ?Otro que eso, que puedo yo decir? Quizas, "beinvenidos a todos!
    Last edited: Apr 24, 2016

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