Ecuador Plans To Regulate BTC and Other Cryptos.

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

Will BTC be a legal tender in Ecuador?

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.

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

The cryptocurrency ecosystem has witnessed a huge spike in adoption all around the globe. El Salvador on 25th November 2022, legalized any cryptocurrency, including bitcoin, for use as a legal tender.

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.