Digital currency Adoption and trends in Ecuador in 2021
own digital currency
It is estimated that over 480 thousand people, 2.73% of Ecuador’s total population, currently own digital currency.(¹)
The country’s central bank issued a statement clarifying that buying and selling bitcoins is not illegal, but using them as a payment method for goods and services is. Enforcement, however, has been lax, and Ecuadorians have shown little interest in dinero electrónico.
Official figures show that over 70 percent of accounts remain unused, and Ecuador’s parliament approved a new law this year which transferred the government-backed digital currency to the private banking system.
Every day, more and more Ecuadorians trade goods and services thanks to Bitcoin and other emerging digital currencies, as evidenced by sellers and buyers listed on Localbitcoin and on several social-media communities.(2)