Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

8/31/2014 (1 year ago)

Catholic Online (www.catholic.org)

Experts think this will lead nation to abandon paper and coin currency altogether

In a bold move into the 21st Century, the South American nation of Ecuador is now planning digital currency. Some believe this will eventually lead to the nation's abandonment of paper and coin currency altogether - i.e., the United States dollar.

Some believe that Ecuador's new digital currency will eventually lead to the nation's abandonment of paper and coin currency altogether - i.e., the United States dollar.

Some believe that Ecuador's new digital currency will eventually lead to the nation's abandonment of paper and coin currency altogether - i.e., the United States dollar.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/31/2014 (1 year ago)

Published in Americas

Keywords: Ecuador, digital currency, Bitcoin, U.S. dollar


LOS ANGELES, CA (Catholic Online) - Central Bank officials In Ecuador say they expect to start circulating the electronic currency this coming December. The currency doesn't have an official name yet, and officials would not disclose technical details. Officials have admitted that it would not be a crypto-currency like Bitcoin. The amount of the new currency created would depend on demand.

The new currency will exist in tandem with the greenback and, by law, be backed by "liquid assets," according to Deputy director Gustavo Solorzano, The digital currency would be geared toward the 2.8 million Ecuadoreans, 40 percent of participants in the economy, that are too poor to afford traditional banking.

SAVE Iraqi Christians from Genocide --

The digital currency will be able to make and receive payments on cellphones, Solorzano said. Such mobile payments schemes are especially popular in African nations including Kenya and Tanzania, where they are privately run.

The new currency was approved while stateless crypto-currencies such as Bitcoin simultaneously banned by Ecuador's National Assembly last month.

Leftist President Rafael Correa has said the project's only problem is that it has taken this long, defending it against "pseudo-analysts who have appeared in the media trying to smear (it)." He denies any plan to replace the U.S. dollar, which Ecuador set as its currency in 2000 after a crippling banking crisis.

Fausto Valencia, the official in charge of the new currency, said the software is already used in Paraguay by cellphone companies.

Valencia says it's not like Bitcoin, whose advantage is in its technical underpinnings. Only a limited amount of Bitcoin can be minted. Without that safeguard, economists have warned, a government could theoretically create as much as it wants, risking inflation.

An emerging payments analyst with the U.S.-based Aite Group, Nathalie Reinelt says she does not understand any other motivation for creating such a currency than to allow Ecuador to increase its money supply and, essentially, devalue its U.S. dollar holdings.

"It is far too early to know how they are thinking of making the electronic money work," analyst Juan Lorenzo Maldonado of Credit Suisse LLC added.

Some believe it could be a first step to abandoning the U.S. dollar, Ecuador's currency since January 2000.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Americas

A MIRACLE? Virgin Mary statue with single red tear sparks mass pilgrimage Watch

Image of

By Abigail James (CALIFORNIA NETWORK)

Images of a Virgin Mary statue with a single red 'tear' streaming down her face has spread rampant through social media prompting hundreds of pilgrims to visit the statue in Columbia. LOS ANGELES, CA (Catholic Online) - The statue located in Floridablanca, Columbia is ... continue reading


Venezuela's collapse is a warning to Americans enamored with socialism Watch

Image of Socialism is a quick way to go hungry.

By Marshall Connolly (CALIFORNIA NETWORK)

The world is hardly paying attention, but the nation of Venezuela is in full-collapse. Its economy has imploded, and its politics are in turmoil. The nation is beset with shortages of critical goods, and the beer supply has run out. Soldiers patrol the streets, tasked ... continue reading


EQUALITY: Sex-crazed Olympians will receive and use 350,000 male condoms and 100,000 female condoms! Watch

Image of Olympic athletes have been encouraged to practice safe sex in Rio de Janeiro (Sify).

By Kenya Sinclair (CALIFORNIA NETWORK)

In a shocking move, Olympic organizers have decided to distribute 450,000 condoms to athletes participating in the Rio de Janeiro Olympics this year. LOS ANGELES, CA (Catholic Online) - Under the ruse of "equality," the International Olympic Committee (IOC) has decided ... continue reading


Prayer and hugging banned in Colombia Watch

Image of Colombia stuns the world when it announces a prayer and hugging ban (docakilah/Wordpress).

By Walter SŠnchez Silva (CNA)

In what's been labeled an "absurd" move, a judge in Colombia has banned prayer and "fraternal hugs" at the start of Cartagena city council sessions as well as local educational institutions. Cartagena, Colombia (CNA) - The ban on civic prayer - as well as the baffling ... continue reading


Student discovers lost Mayan city, but archaeologists insist it's not there. Isn't that the point of a lost city? Watch

Image of William Gadoury, thought he discovered a lost Mayan city, but archaeologists say no.

By Marshall Connolly (CALIFORNIA NETWORK)

The story of a teen who found a lost Maya city may not be so remarkable after all, as experts studying the claim find that it doesn't hold up under scrutiny. While the teen certainly had good intentions, his lost city may be nothing more than fallow fields. LOS ... continue reading


'El Chapo' transferred - Will he escape again? Watch

Image of El Chapo has been transferred to a prison in Juarez, near the US border (Reuters).

By Kenya Sinclair (CALIFORNIA NETWORK)

Notorious drug lord Joaquín "El Chapo" Guzmán has been transferred from Altiplano, a maximum-security prison in Central Mexico, to a prison in Ciudad Juarez. LOS ANGELES, CA (Catholic Online) - According to CNN, a senior Mexican law enforcement source stated, "Due to ... continue reading


Cinco de Mayo - What is the day really about? Watch

Image of

By Abigail James (CALIFORNIA NETWORK)

Cinco de Mayo is upon us, and while many believe it is Mexico's Independence Day, it actually is not. So, what is Cinco de Mayo and why has it become so biculturally popular? LOS ANGELES, CA (California Network) - "The significance of Cinco de Mayo is that it ... continue reading


Ecuador quake survivors share powerful stories of survival Watch

Image of The quake was the worst the Andean nation had seen in ten years (Paul Ochoa/Reuters).

By Kenya Sinclair (CALIFORNIA NETWORK)

A 7.8 magnitude earthquake devastated sections of Ecuador and left the death count at over 300 people. Over 2,000 destroyed buildings and ruined roads have been reported - and now survivors are sharing their harrowing experiences. LOS ANGELES, CA (Catholic Online) - As ... continue reading


Previous Argentina President accused of money laundering Watch

Image of Former President of Argentina accused of money laundering (1meee).

By Kenya Sinclair (CALIFORNIA NETWORK)

After serving her country for eight years, former Argentina President Cristina Fern√°ndez de Kirchner has been accused of laundering hundreds of millions of dollars into oversea accounts. LOS ANGELES, CA (Catholic Online) - Former president Fern√°ndez de Kirchner has ... continue reading


Virgin Mary statue considered in notoriously secular Uruguay Watch

Image of Secular Uruguay debates whether to erect a Virgin Mary statue in a park (Shutterstock).

By Kenya Sinclair (CALIFORNIA NETWORK)

Uruguay is considered a secular country and is known for its refusal to condone religious beliefs of any kind - yet there exists a debate concerning the erection of a Virgin Mary statue. LOS ANGELES, CA (Catholic Online) - Many in Uruguay stand on the country's ... continue reading


All Americas News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Miracle for baby born without half his skull
  • St. Philip Neri: Saint of the Day for Thursday, May 26, 2016
  • Prayer to Saint Valentine HD Video
  • Daily Readings for Thursday, May 26, 2016
  • New study reveals Catholics hold highest retention rate - but no one ...
  • REVEALED: China has an army of paid trolls, guess who else has one?
  • A Prayer Before Surgery HD Video

Daily Readings

Reading 1, First Peter 1:18-25
18 For you know that the price of your ransom from the futile way of life ... Read More

Psalm, Psalms 147:12-13, 14-15, 19-20
12 Praise Yahweh, Jerusalem, Zion, praise your God.13 For he ... Read More

Gospel, Mark 10:32-45
32 They were on the road, going up to Jerusalem; Jesus was walking on ... Read More

Saint of the Day

Saint of the Day for May 25th, 2016 Image

St. Mary Magdalene de Pazzi
May 25: It would be easy to concentrate on the mystical ... Read More