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+ - Ecuador to forge ahead with State-Backed Digital Currency

Submitted by jaeztheangel
jaeztheangel (2644535) 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 is this a brave move, or a foolish one?

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.

"
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Ecuador to forge ahead with State-Backed Digital Currency

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... though his invention worked superbly -- his theory was a crock of sewage from beginning to end. -- Vernor Vinge, "The Peace War"

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