Michaela Merz

Ecuador – introduction of Bitcoins as a legal tender

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  • Ecuador intends to introduce its own virtual currency which would be however acknowledged as a legal tender
  • Since 2000 Ecuador’s legal tender is the US Dollar (the original legal currency – Sucre was abolished after hyperdevaluation)
  • New law introducing the virtual currency as a legal tender was accepted by the Parliament and now needs solely the President’s signature in order to enter into force

For further details please contact: Carlos Erazo, carlos.erazo@ec.pwc.com

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