BANCO CENTRAL DEL ECUADOR

ELECTRONIC MONEY SYSTEM

 ELECTRONIC MONEY
 
The National Good Living Plan 2013-2017, as its objective number eight, indicates that the world economic system needs to renew its concept in order to prioritize equality within power relationships over economic growth and capital. This would allow the economic and social inclusion of millions of people, the strengthening of public finances, and the regulation of the economic system.
 
Within this framework, the Central Bank of Ecuador (BCE) develops new mechanisms that facilitate access to several financial services. Electronic Money is the electronic payment method, privatively managed by the BCE and denominated in US Dollars, in accordance with that which is set forth in the Fundamental Monetary and Financial Code, which is only exchanged through electronic, mobile, electromechanical and fixed devices, intelligent cards, computers and others, which arethe product of technological advancement. (Resolution No.005-2014-M of the Monetary and Financial Policy and Regulation Board)
 
Additionally, it is a non-profit, low-cost and more secure service for the citizenry. Given that it is administered by the BCE, it avoids compatibility problems between different systems and monopolies, as has happened in certain places in the world. Digital technology is gaining ground in every area on a global level. The BCE works to make the technological advantages of the XXI century available to the entire citizenry.     
 
  • The system will allow for the making of payments in US Dollars through mobile phones, without the need for Internet, or an account at a financial entity.
  • Electronic money will work as a payment method beyond the legal tender in circulation, and used with absolute trust by the entire citizenry, which may be exchanged at any moment for cash. 
  • Any citizen, regardless of their social and economic condition, may voluntarily open an electronic money account and access the system from any mobile phone device activated by authorized operators in the country.
  • Citizens may use the Electronic Money System at all credit unions front offices, as well as those of other entities that form part of the popular and solidary system; of the financial system in general; non-banking correspondents such as neighborhood shops, supermarkets, phone booths, cyber-cafes; front offices at public sector institutions (IESS, BNF, Corporación Financiera Nacional, CNT, info-centers, National Post offices), shops such as distributors of basic products, of mass consumption, multilevel chains, technological product distributors; front offices where utility payments are made; among others.