Please create an account to participate in the Slashdot moderation system


Forgot your password?

Slashdot videos: Now with more Slashdot!

  • View

  • Discuss

  • Share

We've improved Slashdot's video section; now you can view our video interviews, product close-ups and site visits with all the usual Slashdot options to comment, share, etc. No more walled garden! It's a work in progress -- we hope you'll check it out (Learn more about the recent updates).

The Almighty Buck Government

Ecuador To Forge Ahead With State-Backed Digital Currency 85

Posted by samzenpus
from the lets-make-money dept.
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.'”
This discussion has been archived. No new comments can be posted.

Ecuador To Forge Ahead With State-Backed Digital Currency

Comments Filter:
  • by cl3v3r (3775089) on Wednesday August 06, 2014 @07:19PM (#47618327)

    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.

  • Re:Smart (Score:2, Interesting)

    by Anonymous Coward on Wednesday August 06, 2014 @07:45PM (#47618489)

    Every country in the world of any note relies on the US dollar and financial markets. All that money that China supposedly "loans" the US are actually investments. The US offers the most stable and secure places for investments in the world. If the US dollar or financial system collapses any person or country who has their money tied up in US government bonds and securities will suffer. Also remember that 97% of all outstanding US "Debt" is owned by the Federal Reserve. It is a very fine balancing act to maintain currency values but it can be and has been done for a long time.

The universe is an island, surrounded by whatever it is that surrounds universes.