Central Bank of Ecuador Might Regulate Cryptocurrencies This Yea

The Central Bank of Ecuador is planning to issue cryptocurrency-specific regulation later this year. According to statements from Guillermo Avellan, the manager of the Central Bank of Ecuador, this will bring more clarity to the cryptocurrency scene in the country, and will contribute to preventing crimes such as money laundering.

Central Bank of Ecuador Has Eyes Set on Crypto
The Central Bank of Ecuador is planning to prepare and issue cryptocurrency-related regulations this year. The announcement was made by Guillermo Avellan, manager of the Central Bank in an interview on January 30th. When asked about the state of the cryptocurrency regulation of the country and how it seems to be lagging as compared to other countries in the region, Avellan stated:

The Central Bank is working on a project to regulate cryptocurrencies, bearing in mind that the Monetary Code establishes that the dollar is the only legal tender in the country.