RISKS AND RESPONSIBILITIES INVOLVED IN THE IMPLEMENTATION OF CRYPTOCURRENCIES IN ECUADOR

RIESGOS QUE CONLLEVAN LA IMPLEMENTACIÓN DE LAS CRIPTOMONEDAS EN ECUADOR

Abstract

The banking system of Ecuador is carried out in a daily market and the population is not familiar with the handling of currencies and cryptocurrencies, however, in globalization the Cryptocurrency is taking its place and Ecuador is no exception. Cryptocurrencies are on the market and transactions with them little by little are becoming familiar to some Ecuadorians who take the risk of investing taking into account that it is a decentralized currency and that there is no government entity that controls and regulates it; the most important virtual currency, known and used for carrying out transactions is bitcoin. Over time, virtual currencies were born due to global difficulties in the field of the economy: In 2009 the first virtual currency “BITCOIN†was born by its creator Satochi Nakamoto and since then a number of virtual currencies have appeared that they have founded a new market "cryptocurrencies" in which they carry out daily transactions; one of its main risks is volatility because its value is based on the speculation of supply and demand and can generate exuberant profits or tragic losses. In Ecuador, the Central Bank of Ecuador has been very specific informing Ecuadorians that cryptocurrencies within the country are not legal but that we have the freedom and responsibility to carry out the transactions they wish through the internet. The cryptocurrency market is very recent compared to the traditional market, cryptocurrencies is a very risky market of which you do not have much knowledge and when deciding to make an investment you can become an easy prey for scammers and opportunists; Without detracting from the fact that in the future cryptocurrencies may play an important, revolutionary role in the financial systems market around the world.