The Central Bank of Ecuador is planning to come up with a framework to regulate Cryptocurrencies by the end of this year. Guillermo Avellan, the manager of the Central Bank of Ecuador reportedly said that this will give more clarity to the cryptocurrency investors and also help to prevent crimes related to money laundering.
Will BTC be a legal tender in Ecuador?
The Central Bank of Ecuador is all set to prepare and implement cryptocurrency-specific regulations in the country by the end of this year. Taking with Bloomberg Linea, Guillermo Avellan, manager of the Central Bank said that they are planning to expand the financial inclusion of Ecuadorians and regulate the use of cryptocurrencies in the country.
Guillermo Avellan further explained that the new regulation would not make BTC or any other cryptocurrency a legal tender, as what happened in El Salvador. Instead, the regulation would bring more clarity to the status of crypto in the country. In the first quarter of 2022, the Central Bank will formulate a regulation on the use of cryptocurrencies in Ecuador so that holders can know what the limits are, despite the fact that the dollar is the only legal tender in the country.
- When to expect?
Avellan did not give specific dates regarding Crypto regulations, however, he suggested that they will be done with it by the end of the 3rd quarter.
We are going to work in the first quarter of 2022 so that it can be reviewed and approved between the second and third quarters of the year by the Monetary Board, said Guillermo Avellan
- Global adoption of Cryptocurrency
The cryptocurrency ecosystem has witnessed a huge spike in adoption all around the globe. El Salvador on 25th November 2022, legalised any cryptocurrency, including bitcoin, for use as a legal tender.
Countries like the US and Canada have legally permitted trading in virtual currencies, while others like China and Russia have prohibited it by the law. Recently, India recognised Bitcoin and other cryptocurrencies during the Budget session and announced a flat 30% tax on income generated from it.
The post Just-In: Ecuador Plans To Regulate BTC and Other Cryptos appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks