Ecuador To Forge Ahead With State-Backed Digital Currency

First time accepted submitter jaeztheangel writes Ecuador's government has approved plans to start a new Digital Currency backed by the state. With defaults in recent history, and dwindling oil reserves it will be interesting to see how this decision turns out. From the article: "Congress last month approved legislation to start a digital currency for use alongside the U.S. dollar, the official tender in Ecuador. Once signed into law, the country will begin using the as-yet-unnamed currency as soon as October. A monetary authority will be established to regulate the money, which will be backed by 'liquid assets.'”

Comments

What could possibly go wrong?

[cl3v3r]

Because, of course, every last man, woman, and child in Ecuador has a PC or other digital currency device, right?

Ignoring the red herring of "digital", this is a bankrupt country trying to build a fiat currency that nobody is going to trust.