“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/
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