Central Bank of Ecuador Might Regulate Cryptocurrencies This Year

Souce: Bitcoin News

The Central Bank of Ecuador is planning to prepare and issue cryptocurrency-related regulations this year. The announcement was made by Guillermo Avellan, manager of the Central Bank in an interview on January 30th. When asked about the state of the cryptocurrency regulation of the country and how it seems to be lagging as compared to other countries in the region, Avellan stated:

    The Central Bank is working on a project to regulate cryptocurrencies, bearing in mind that the Monetary Code establishes that the dollar is the only legal tender in the country.

Avellan further explained that the new regulation would not make bitcoin or any cryptocurrency legal tender, as happened in El Salvador with the approval of the bitcoin law, due to the volatility associated with these assets. Instead, this piece of regulation would be directed at bringing more clarity to the status of crypto in the country.