Evolution and impact of cryptocurrencies in Ecuadorian society

Abstract

This study aims to demonstrate the dynamics that the use of Bitcoins has had, managing to see what the advantages and disadvantages are, allowing us to know more about cryptocurrencies. Therefore, it is a currency that does not have state control. There is no central bank of a country or a central bank of a community, such as the European Economic Community, that can say something for or against what cryptocurrencies are. They do not have, therefore, a legal control.

Currently the use of Bitcoin has spread worldwide, and it can be said that in every country in the world there are people pampering this famous cryptocurrency. However, there are countries in which Bitcoin is more used, so much so that there are

companies, businesses and even ATMs to carry out transactions with this cryptocurrency.

Now although it is a promising business in Ecuador, cryptocurrencies are not authorized, since there is no policy or any ordinance that approves this type of transactions, currently there is a low percentage that commercializes cryptocurrencies despite not having any approval for the free purchase and sale of these virtual currencies, causing several cases of scams that are mostly low-income people located in Cayambe and Otavalo, people who are attracted to this form of investment.