With China leading the race across the globe, one thing on the lips of several countries across the world is developing a central bank digital currency. While some are already making headway as to how they want their CBDC to be designed, several others are still researching. The others are just floating the idea of establishing a central bank digital currency.
The presidential candidate conceived this idea in his recent speech to the citizens of the country. According to Geovanni Andrade, he wants Ecuador, to be classified as one of the most friendly companies in trading digital assets.
Andrade says digital currency top in the list of things he wants to introduce
In his statement, Andrade mentioned that he wants Ecuador to be regarded as a crypto savvy nation. He also wants to develop a digital currency that would enable citizens to make faster internal transactions. In his recent interview where he talked about certain things that his government intends to carry out, Andrade noted that the top of the list would be making a digital currency to help his administration better audit their accounts.
Finalizing his speech, he said that making the digital currency would be beneficial to everyone, even though he has not mentioned its role in including the unbanked. He also noted that even though they are trying to make their digital currency, it won’t automatically mean that they are making moves away from dollarization because they need for it.
He also mentioned several things that would require digital currency to work in the country. He reiterated that making it to their taste was something that they should prioritize. Even though Andrade is making a case for creating the digital currency, he has failed to consider if Ecuador has what it takes to implement the creation.
China is still ahead in the CBDC race
If Andrade will pull this feat off if he gets in as president, he would need the maximum support of his party to do that; a party that is no longer supporting his bid as president. Asides from that, this is the first time a political aspirant in the country is proudly making his intentions to digitize the currency known as it remains subject to if the people would embrace the move. While China is still in the lead, as previously mentioned, a huge pool of countries have thrown their hats in the bucket in the race to create a digital currency.
Since last year, China has been making massive progress with the country trying the digital currency in different locations across the country. The last time news came out from the country, the government already put preparations to launch the digital currency in rural areas, making a case for banking the unbanked. Among other countries, the European Union is now in the race, with the United Kingdom also signaling its intention to enter the race.