Private Banks reject the use of electronic currency in Ecuador

Ecuador’s Association of Private Banks (Asobanca) presented a constitutional action to protect themselves against the resolution imposed by the Market Control Superintendence (SPM), with regards to electronic currency (El Universo, 20 December 2016). On 14 December 2016, the Market Control Superintendence (SPM) issued a resolution that within 30 days, fourteen private banks cannot reject the use electronic currency, and must be willing to open bank accounts with this new currency, if a customer desires. Through a press release, Asobanca explained this precautionary measure is to preserve constitutional rights to freedom of speech, due process, and judiciary rights (El Comercio).