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.
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.