Prophecy Sign: The coming cashless society and the global digital economic system
The Ecuadorean government has released more details of its plans to create what it calls the world's first digital currency issued by a central bank. Central bank officials say the electronic money, as yet unnamed, will start circulating in December. The new money will be used alongside the existing currency in
Ecuador, the US dollar. President Rafael Correa has said the digital currency will help those who cannot afford traditional banking. Central bank officials say the electronic money will be used to pay government bureaucrats in a "hygienic manner". The electronic currency is also designed to help poorer Ecuadoreans make and receive payments using mobile phone technology. Such mobile payment schemes have become very popular in African countries where they are privately run.