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Ecuador’s Central Bank to develop and publish in Cryptocurrency legislation

Ecuador's Central Bank intends to establish cryptocurrency-specific regulations later this year. According to Guillermo Avellan, the manager of Ecuador's Central Bank, this will offer greater transparency to the country's cryptocurrency sector and help to avoid crimes like money laundering.

This year, Ecuador’s Central Bank intends to develop and publish cryptocurrency-related legislation. Guillermo Avellan, the Central Bank’s manager, announced the news in an interview on January 30th. When asked about the country’s cryptocurrency regulation and how it appears to be lagging behind other countries in the region.

Avellan said, “The Central Bank is working on a project to regulate cryptocurrencies, keeping in mind that the Monetary Code sets up the dollar as the only legal tender in the nation.”

Due to the volatility of these assets, Avellan noted that the new policy would not make bitcoin or any cryptocurrency legal tender.

According to Avellan, if legislation is in place, banks will be able to set boundaries on how these technologies are used. There have been instances in the country of actors exploiting cryptocurrency for money laundering objectives 

Avellan provided some projections for the implementation of these measures, albeit he did not specify exact timeframes. He stated, “We will begin working in the first quarter of 2022 in order for the Monetary Board to study and approve it between the second and third quarters of the year.”

 

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