Ecuador: Like bitcoin, but not as solid
Anyone investing in Ecuador?
Bitcoin-Like Money Is Ecuador’s Latest Dollar-Saving Plan (emphasis added):
After mortgaging most of Ecuador’s oil and gold to finance spending, President Rafael Correa is planning to create virtual money to pay the nation’s bills.
Congress last month approved legislation to start a digital currency for use alongside the U.S. dollar, the official tender in Ecuador. Once signed into law, the country will begin using the as-yet-unnamed currency as soon as October. A monetary authority will be established to regulate the money, which will be backed by “liquid assets.”
What do they mean by “liquid assets”, if it can’t be swapped for government bonds?
How reliable is Ecuador?
Less than six years after repudiating $3.2 billion of its dollar-denominated debt
And don’t forget the 1999 default.
Since the “currency” is yet unnamed, I suggest we name it bullcoin.
Tags: Fausta's blog