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Ecuadorian Presidential Candidate Supports Cryptocurrency

Ecuadorian Presidential Candidate Supports Cryptocurrency
  • The Ecuadorian presidential candidate supports the mass adoption of cryptocurrency in the country
  • Could Ecuadorian cryptocurrency be the next Venezuela Petro?
  • Venezuela President wants to boost Petro in the national crypto market

An Ecuadorian Presidential candidate proposed a government plan to create a cryptocurrency as part of the country. Giovanny Andrade said the national crypto aims to facilitate crypto transactions across the country.

Andrade was running under the Union Ecuadorian party. He believes that the cryptocurrency idea is a crucial country’s proposal. At the same time, he also wants to continue Ecuador’s dollarized economy.

Andrade plans to continue his national crypto plan if he gets elected on February 7, 2021. Furthermore, he stated that the Ecuadorian-Chilean Mining Chamber supports the Latin American gold refinery, a refinery that backs cryptocurrency in the country.

Andrade further explains:

It is essential that we create the cryptocurrency for all the internal benefits within the country, such as internal transactions. This would work very well for Ecuador.

The country adopted the dollar as its official currency back in 1999. All this happened within the context of an intense economic and inflationary crisis. In January 2000, the president of Ecuador, Jamil Mahuad, was dismissed from his duty due to political blame for unleashing the financial crisis in the country.

In terms of cryptocurrency, the Latin American country is not a well-known player within the regional sphere. However, Ecuador has shown some interest in blockchain adoption in the country’s bank and dairy sectors.

While in Venezuela, President Nicolás Maduro plans to expand the use of digital payments and blockchain technology. At the same time, he wants to revive Perto cryptocurrency in 2021. Besides, Marudo claims that 2021 would be the year of the stake-backed Petro token.

Furthermore, Marudo explained the plan to continue to extend the usage of a contactless payment solution. At the same time, the growth of the blockchain industry in Venezuela is part of its 2021 program.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.