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Saturday, 3 March 2018

Bitcoin Rebels Defy Government; Launch Bitcoin ATM


The government of Ecuador launched, four years ago, an all out attack on cryptocurrency, even going as far as going ahead to push its own state backed version. They have also used the local lapdog media to scare the populace, but that has proved not to have so much effect, as some rebel bitcoiners have opened a crypto-automated teller machine in the capital of the country.

Summary:


  • The Ecuadorian government has been trying-and failing-to ban Bitcoin since 2014 and has even introduced it's own backed cryptocurrency 'Dinero Electrónico'.
  • The Cryptocurrency of course, quickly fizzled and was tossed into the private sector where it has languished unused.
  • In the beginning of the year, they inadvertently showed their hand when they issued through the Central Bank a terse which reiterated that Bitcoin is not a means of payment and whose value was speculative, not real.
  • The terse also went on to say that since the financial transactions carried out are not regulated by any entity in Ecuador, it could not be vouched for.
  • It however stated that the trade of Bitcoin or any other cryptocurrency is not banned in Ecuador but that it is not a legal means of trade and an authorized means of payment.
  • That last statement, however was enough to stimulate Bitcoin lovers to assemble and install an ATM in the country's capital.
  • The Central Bank however, quickly responded and said that though the Cryptocurrency was not restricted, it can be invested in but not used to buy goods and services in the country.
  • The Bitcoiners however said that they didn't seek official permission because they intended the ATM for educational purposes and not for financial transactions.
What do you think about Ecuador's stance as regards Cryptocurrencies? And what do you think about B-ATMs for educational purposes?


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