How to Buy Cryptocurrency in Ecuador
Buying cryptocurrency in Ecuador
Despite Ecuador’s ban on bitcoin and other digital currencies in 2014, their popularity continues to rise. Then-President Rafael Correa, whose term lasted from 2007 to 2017, introduced the said bill. Part of this law demanded a creation of a state-issued digital currency in Ecuador, which would be supported by the resources of Ecuador’s Central Bank (BCE). And soon enough, the state issued its very own digital currency – Dinero Electrónico. However, the system has faced a good deal of criticism, and its use by banks and customers has been infrequent at best. It is important to point out that this move was precisely about monopoly, where the state has the exclusive power to start circulating its own digital money with the help of its central bank. Having this in mind, there are still buyers and sellers listing themselves on Localbitcoins.com in the state, and bitcoin can easily be purchased via Paypal.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Ecuador. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Kraken
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
Not a very beginner-friendly interface.
- No card deposit options
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