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State issued digital currency in Ecuador?


The BBC published an article on Saturday "Ecuador gives details of new digital currency" reporting that the Central Bank of Ecuador was to issue a digital currency. The story apparently originated with the New Delhi Television (NDTV) technology team, to which the BBC provides a link. The BBC report is largely a rewrite of the NDTV article but claims that the money is to be used to pay civil servants, which is flatly contradicted by the NDTV article, and which apparently comes from an August 24th piece in the Wall Street Journal attacking the plan. The official currency of Ecuador is the US dollar with coins denominated in fractions of a dollar issued by the Central Bank and The WSJ article labelled the proposals "an escape hatch to get out of dollarization."

How pacifists may be funding the arms industry

arms ind

Under the current monetary system customer deposits provide banks with a cheap source of central bank reserves, which are required to make the payments to other banks that may result from the issuing of loans. (Banks acquire central bank reserves (base money) when payments are made to their customers’ bank accounts.) However, despite helping to fund the loans, depositors have no say and little idea over the use of ‘their’ money. They may therefore be unwittingly helping to fund activities that they disagree with.

Not James GreysonJames Greyson You lost me at NATO-published.It's as if you'd link to a "Monsanto-published research" in a reply to an article about the patenting of life forms....

2 weeks ago

James GreysonCould be good for positive money to connect with policies on these related challenges? This NATO-published research connects policies for an ecological economy (#3), reversing the arms race (#4), and sovereign money (#7).

2 weeks ago
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