“Ecuadorian President Rafael Correa’s broader political program called the “Citizens’ Revolution,” has prompted a restructuring process of its domestic financial architecture through a combination of legal reforms, new public policies, and the transformation of the national payments system.” Rafael Correa
Ecuador has a dollarized economy. Internet access is around 57%, mobile phone access is about 75%.
This degree of digital access provides some basis of building a more advanced digital infrastructure than today’s.
Rafael Correa called for fundamental change in digital payments via the BCE. Gain the people’s trust was a key demand.
The Latin American Reserve Fund (FLAR) met recently and discussed CBDCs.
There are clear interested to digital payments in Ecuador. With a high unbanked population (70%) there are clear challenges.
The IMF reported how the central bank gained independence in recent reforms.