Regulator: Central Bank of Ecuador (Banco Central del Ecuador)
The Central Bank of Ecuador (BCE) has repeatedly emphasized that cryptocurrencies, including stablecoins, cannot replace the US dollar (the official currency) and cannot be used for payments, though private buying and selling online remains legally permitted. The Bank warns that engaging with crypto may lead to prosecutions under the Monetary Code. Despite these warnings, adoption persists informally.
The BCE is studying the potential for tokenizing the dollar via a private blockchain, with a possible pilot as early as 2026, contingent on legislative approval. Startups are also pressing for a regulatory sandbox to pilot USDT-based transfers with lower transaction fees.
