Central Bank of Ecuador reiterated that cryptoassets are not legal tender in the country

In a context where cryptocurrencies have positioned themselves in the world economy, in countries such as Ecuador a ban on cryptoassets was ratified, this in view of the growing popularity of cryptocurrencies in the country, especially after the arrival of Worldcoin, the Central Bank of Ecuador reiterated that cryptoassets are not legal tender in the country.

According to information disclosed by Katha Jimenez Romero, “In the midst of the commotion over the presence of Worldcoin in the country, the Central Bank of Ecuador issued a statement last Monday, August 12, where it ratified that ‘cryptoassets are not legal tender in the country, nor are they an authorized means of electronic payment at the national level”

The truth is that, “Through a tour in Guayaquil through one of the three offices of Worldcoin, the project of the company Tools For Humanity, it was found that about a hundred people were interested in scanning their iris and receive their reward in cryptocurrencies, as Cointelegraph recently reviewed. This may have been the trigger for Ecuadorian authorities to speak out.”

The communiqué also explains the means of payment with which citizens may make transactions “in accordance with the provisions of Article 99 of the COMF, the JPRM approved Resolution No. JPRM-2023-014-M, dated August 7, 2023, which establishes that the means of payment are classified into: Physical Means of Payment; Electronic Means of Payment; and Electronic Wallets.”

They concluded by making a call to comply with the law or else they could be punished by law “the use of means of payment not authorized by the JPRM, or its total or partial simulation, is expressly prohibited in accordance with the provisions of Article 98 of the COMF.

Cointelegraph. Central Bank of Ecuador ratified the ban on cryptoassets. Link