“The law gives the government permission to make payments in ‘electronic money’, but decentralized digital currencies like bitcoin will now be prohibited. The proposed electronic money is to be backed by the assets of the Banco Central del Ecuador, the nation’s central bank. The National Assembly will oversee the new currency while the central bank will develop and integrate it into the broader financial system. Companies offering digital currency services will have to withdraw from operations or cease entirely. This includes BitPagos, which recently raised $600,000 and had plans to grow in Ecuador’s bitcoin market.”
http://www.coindesk.com/ecuador-bans-bitcoin-legislative-vote/
Related posts:
How Much TSA Abuse Is Enough?
Charlie Shrem, Bitcoin entrepreneur, interviewed by Jeffrey Tucker
Florida sheriff taunts drug dealers in video resembling ISIS propaganda
Baton Rouge sheriff’s office targets gay men under ‘crimes against nature’ law
So You Want To Short The Student Loan Bubble? Now You Can
The Most Dangerous Cities in America
Egyptian army tanks mow down peaceful protesters
Krugman Gives the Thumbs Up on the Minting of a Trillion Dollar Platinum Coin
Former 'Plunge Protection Team' Official: Expect More Government Theft
Massachusetts: Police Cannot Search Nervous Motorists
Ben Swann Reality Check Special: Drones HD
NSA Reassures Family & Friends Of NSA Employees It Isn't Evil
UN Calls for Decriminalization of All Drugs
Should the Government Track Your Political Activity?
TD Waterhouse Bank begins FATCA Hunt and embraces role as IRS deputy