The Central Bank of Ecuador is planning to come up with a framework to regulate Cryptocurrencies by the end of this year. Guillermo Avellan, the manager of the Central Bank of Ecuador reportedly said that this will give more clarity to the cryptocurrency investors and also help to prevent crimes related to money laundering.
Will BTC be a legal tender in Ecuador?
The Central Bank of Ecuador is all set to prepare and implement cryptocurrency-specific regulations in the country. Talking with Bloomberg, Guillermo Avellan, manager of the Central Bank said that they are planning to expand the financial inclusion of Ecuadorians and regulate the use of cryptocurrencies in the country.
Guillermo Avellan further explained that the new regulation would not make BTC or any other cryptocurrency a legal tender, as what happened in El Salvador. Instead, the regulation would bring more clarity to the status of crypto in the country. In the first quarter of 2022, the Central Bank will formulate a regul
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