“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:
This Is What A $2.3 Million Pizza Looks Like
UK Asked New York Times To Destroy Edward Snowden Documents, Request Ignored
US Sentencing Commission Votes to Cut Drug Sentences
Cold call victim forces telemarketers to pay him by using premium number
The Rise of Bitcoin and Fall of the U.S Dollar
Obama on Zimmerman verdict: Trayvon Martin ‘could have been me 35 years ago’
Major Disinformation Campaign about America's Gold Begins
Before UN Speech, Argentine President meets with Soros
California votes to allow communists to work in government jobs
How Regulations Squeeze Small Competitors for the Benefit of the Banksters
The Drone War Doctrine We Still Know Nothing About
Fincen's New Regulations Are Choking Bitcoin Entrepreneurs
Reality Check: Actions Speak Louder Than Words With President Obama and the NDAA?
A Powerful Weapon of Financial Warfare: The US Treasury’s Kiss of Death
MassGOP Chair Bob Maginn and former Congressmen could face jailtime for political and financial corr...