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Blockchain as virtual currency in Ecuador

Abstract:

In Ecuador, the need to introduce electronic money has been seen as a way to lighten the use of cash and renew the current financial system; however, this implementation has not yielded the desired result and instead has caused much more distrust on the part of Ecuadorians regarding the management of funds by the State; that is why this research show the use of a proprietary cryptocurrency as a new means of payment, in the Ecuadorian economy, leaving aside the current banking system and ensuring that any person, regardless of their income, can access this new financial transactional network. In order to adapt this system in the best way and according to the reality of the country, the theory behind the blockchain and, of course, the cryptocurrency has been studied, the legal environment currently in force in Ecuador, and it has been taken as a reference to Latin American countries that have already introduced these new means of payment in their financial system, analyzing their form of implementation, performance characteristics and results obtained in their economy.