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Ecuador heralds 'digital currency' plans

 
In this Aug. 24, 2014, photo, a young man texts a message on his mobile phone while working at the Mayorista Market in Quito, Ecuador. Ecuador's Central Bank is getting ready to use electronic currency in which consumers will initially be able to use it to make and receive payments using their cellphones. Ecuador is heralding its plans to create the world’s first government-issued digital currency, which some analysts believe could ultimately replace the country’s existing currency, the U.S. dollar, which the government cannot control.

Ecuador is planning to create the world's first government-issued digital currency, which some analysts believe could be a first step toward abandoning the country's existing currency, the U.S. dollar, which the government cannot control.

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