Ecuador Plans To Regulate BTC and Other Cryptos.

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The Central Bank of Ecuador is planning to come up with a framework to regulate Cryptocurrencies by the end of this year.

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Will BTC be a legal tender in Ecuador?

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Avellan did not give specific dates regarding Crypto regulations, however, he suggested that they will be done with it by the end of the 3rd quarter in 2022.

Global adoption of Cryptocurrency

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Countries like the U.S. and Canada have legally permitted trading in virtual currencies, while others like China and Russia have prohibited it by the law. Recently, India recognised Bitcoin and other cryptocurrencies during the Budget session and announced a flat 30% tax on income generated from it.