A monetary makeover for the country of Ecuador

Americas Now

Ecuador has given its financial system an overhaul. It is now the first nation in Latin America to use electronic currency. How is the country responding to the revamp? Correspondent Harris Whitbeck tells us about the effect of e-money on Ecuador’s economy.

Ecuador began rolling out its version of digital currency in 2015. But its implementation hasn’t been easy. Many consumers still remain to be convinced of its benefits. Private bankers and members of the business community claim it doesn’t work. Opponents point out that only about 40 thousand electronic accounts have been opened since the system was introduced.

But the central bank says its efforts to persuade people to use electronic currency are picking up speed.

Watch Harris Whitbeck’s report from Quito to see who’s cashing in…and who’s cashing out.

A monetary makeover for the country of Ecuador

A monetary makeover for the country of Ecuador

Ecuador has given its financial system an overhaul. It is now the first nation in Latin America to use electronic currency. How is the country responding to the revamp? Correspondent Harris Whitbeck tells us about the effect of e-money on Ecuador’s economy. Ecuador began rolling out its version of digital currency in 2015. But its implementation hasn't been easy. Many consumers still remain to be convinced of its benefits. Private bankers and members of the business community claim it doesn’t work. Opponents point out that only about 40 thousand electronic accounts have been opened since the system was introduced. But the central bank says its efforts to persuade people to use electronic currency are picking up speed. Watch Harris Whitbeck’s report from Quito to see who’s cashing in…and who’s cashing out.
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