Ecuador in electronic money u-turn
Ecuador's central bank will retain control of the country's electronic money system.
A bill that affirms the central bank as administrator of the system and introduces other changes in a bid to strengthen the economy was approved by lawmakers, state news agency Andes reported.
The original text had called for the country's commercial banks to run it.
The platform, known as Efectivo Desde Mi Celular, was launched in 2014.
Ecuador's government and banks want to reduce the amount of cash in circulation and boost electronic payments.
Lawmaker Gabriela Larreátegui criticized how the electronic money system had been run and the decision taken by the national assembly: "Strengthening these electronic payment options was important for the country, but it was withdrawn [from the private banks] not for substantive reasons, but because of a verbal attack on the banks."
The president of the national assembly's economic regime committee, Pabel Muñoz, said the decision does not stop commercial banks from implementing measures to promote digital payments.
The approved bill also contains stimulus measures for SMEs and companies that reinvest profits. It now goes to the executive.
Former president Rafael Correa has criticized his successor and ex-ally Lenín Moreno (pictured) for "collaborating with the right, with bankers." Correa has also threatened to push for the creation of a constituent assembly, which he would seek to lead, if "they continue destroying what has been built."
REFERENDUM
In related news, Moreno has told the country's electoral council to hold a referendum which will include a question asking Ecuadorans whether they want to scrap a law that allows presidents to be re-elected indefinitely.
In 2015, when Correa was in office, the national assembly lifted a limit on presidential terms.
The once close relationship between the two politicians began deteriorating this year when Moreno questioned Correa's handling of the economy.
Ecuador is mired in debt. The economy, however, is gathering strength.
The economy "is recovering briskly from the 2016 recession and activity has been stronger than anticipated," the IMF said in a statement this week.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: ICT (Ecuador)
Telecom Argentina, Claro Ecuador to step up renewable energy use
Both operators committed to make their operations more sustainable.
Tech revamp planned for Ecuador oil pipeline
The country's national oil company highlights SOTE's outdated control infrastructure.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: ICT
Get critical information about thousands of ICT projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Cirion Data Center (SAN2)
- Current stage:
- Updated:
3 months ago
- Project: QUI2 Data Center Expansion
- Current stage:
- Updated:
3 months ago
- Project: SFORPF01 data center (Phase 1)
- Current stage:
- Updated:
3 months ago
- Project: Datacenter in Cancun
- Current stage:
- Updated:
3 months ago
- Project: Data Center in Lurin
- Current stage:
- Updated:
3 months ago
- Project: Hortolândia Data Center Extension 6
- Current stage:
- Updated:
3 months ago
- Project: Microsoft Data Center in Chácaras Recreio Alvorada (Hortolândia)
- Current stage:
- Updated:
3 months ago
- Project: Microsoft Data Center in Taquara Branca (Hortolândia)
- Current stage:
- Updated:
3 months ago
- Project: RJ03 Data Center (Phase 1)
- Current stage:
- Updated:
3 months ago
- Project: Scala Curauma Data Center Expansion, Data Center Substation and 2x110kV SE Placilla - SE Curauma Transmission Line
- Current stage:
- Updated:
3 months ago
Other companies in: ICT (Ecuador)
Get critical information about thousands of ICT companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Cable Andino S.A.  (Corpandino)
- Company: Cirion Technologies Ecuador S.A.
- Company: Telefónica Ecuador  (Movistar Ecuador)
-
Otecel S.A. (Movistar Ecuador) is a telecommunications company, the Spanish Telefónica group's subsidiary for Ecuador. The company provides fixed and mobile telephony, mobile In...
- Company: BankWatch Ratings Del Ecuador S.A.  (BankWatch Ratings)
-
Bank Watch Ratings is an Ecuadorian risk classification agency incorporated in 1993. It provides reports about finance, insurance, structured finance, investment funds and corpo...
- Company: CiemTelcom
- Company: Xtrim TVCable
-
The description included in this profile was taken directly from an official source and has not been modified or edited by BNamericas’ content team. However, it may have been au...
- Company: Ministerio de Telecomunicaciones y Sociedad de la Información de la República del Ecuador  (MINTEL Ecuador)
-
Ministry of Telecommunications and Information Society (MINTEL) is an organization of State of Ecuador, consigned in the Constitution of 2008 to define and coordinate Telecommun...
- Company: Consorcio Ecuatoriano de Telecomunicaciones, S.A. (CONECEL)  (Claro Ecuador)
-
Conecel, which operates under the commercial brand Claro, is a telecommunications firm owned by Mexican company América Móvil. The telco provides mobile and fixed telephony as w...
- Company: Corporación Nacional de Telecomunicaciones (CNT)
-
Ecuador's Corporación Nacional de Telecomunicaciones (CNT) is a state-owned telecom operator that provides fixed line telephony, mobile, satellite TV and internet services. Its ...