Ecuador Bans Bitcoin, Plans Own Digital Money
by Stan Higgins
CoinDesk
Jul 25, 2014
The National Assembly of Ecuador has effectively banned bitcoin and decentralized digital currencies while establishing guidelines for the creation of a new, state-run currency.
With 91 votes in favor of the amendments to the country’s existing monetary and financial laws, the National Assembly approved a bill that now goes to President Rafael Correa for signature.
The law gives the government permission to make payments in ‘electronic money’, but decentralized digital currencies like bitcoin will now be prohibited.
The proposed electronic money is to be backed by the assets of the Banco Central del Ecuador, the nation’s central bank. The National Assembly will oversee the new currency while the central bank will develop and integrate it into the broader financial system. The electronic money will operate in tandem with the US dollar, Ecuador’s official currency, although it is not certain what exchange rate will be established.
Following the final tally, the National Assembly issued a statement declaring that the new electronic money would offer benefits to both the underbanked and the broader economy, saying:
“Electronic money will stimulate the economy, it will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone. The electronic currency will be backed by the assets of the Central Bank of Ecuador.”
Community voices concern prior to vote
Prior to the debate on amendments that instituted the decentralized digital currency prohibition, members of the local bitcoin community sought to shape the final outcome.
RADIO — Mark Passio Detained by Police for Handing out Flyers — the Bob Tuskin show
Bob Tuskin
May 23, 2013
On 5/22/2013 Mark Passio appeared on the Bob Tuskin show to share his recent experience with police at the now infamous smokedown prohibition protest in Philadelphia. Mark was illegally detained, cited, assaulted and even stolen from by federal park police. This was the same event where N.A Poe and Adam Kokesh were arrested on trumped up, imaginary charges of “assaulting an officer”
PODCAST — Joshua Blakeney Interviews Arthur Topham: “Arrested for Opposing Zionist Genocides”
The Real Deal
Dec 2013
For more on this episode of The Real Deal read this Veterans Today article by Joshua Blakeney: http://www.veteranstoday.com/2013/12/…
MUST READ — The coming digital anarchy
Bitcoin is giving banks a run for their money. Now the same technology threatens to eradicate social networks, stock markets, even national governments. Are we heading towards an anarchic future where centralised power of any kind will dissolve?
The same technology that powers Bitcoin can be harnessed to disrupt a range of other systems | Photo: Bloomberg News
by Matthew Sparkes, Deputy Head of Technology
Telegraph
Jun 9, 2014
The rise and rise of Bitcoin has grabbed the world’s attention, yet its devastating potential still isn’t widely understood. Yes, we all know it’s a digital currency. But the developers who worked on Bitcoin believe that it represents a technological breakthrough that could sweep into obsolescence everything from social networks to stock markets… and even governments.
In short, Bitcoin could be the gateway to a coming digital anarchy – “a catalyst for change that creates a new and different world,” to quote Jeff Garzik, one of Bitcoin’s most prolific developers.
It’s already beginning. We used to need banks to keep track of who owned what. Not any more. Bitcoin and its rivals have proved that banks can be replaced with software and clever mathematics.
And now programmers of a libertarian bent are starting to ask what else we don’t need.
A Bitcoin dispensing machine at a shopping mall in Singapore
Imagine driverless taxis roaming from city to city in search of the most lucrative fares; a sky dark with hovering drones delivering your shopping or illicit drugs. Digital anarchy could fill your lives and your nightmares with machines that answer to you, your employers, crime syndicates… or no one at all. Nearly every aspect of our lives will be uprooted.
To understand how, we need to grasp the power of the “blockchain” – a peer-to-peer ledger which creates and records agreement on contentious issues with the aid of cryptography.
A blockchain forms the beating heart of Bitcoin. In time, blockchains will power many radical, disruptive technologies that smart people are working on right now.
Until recently, we’ve needed central bodies – banks, stock markets, governments, police forces – to settle vital questions. Who owns this money? Who controls this company? Who has the right to vote in this election?
Now we have a small piece of pure, incorruptible mathematics enshrined in computer code that will allow people to solve the thorniest problems without reference to “the authorities”.
The benefits of decentralised systems will be huge: slashed overheads, improved security and (in many circumstances) the removal of the weakest link of all – greedy, corruptible, fallible humans.
But how far will disruptive effects reach? Are we rapidly approaching a singularity where, thanks to Bitcoin-like tools, centralised power of any kind will seem as archaic as the feudal system?
If the internet revolution has taught us anything, it’s that when change comes, it comes fast.
PODCAST/VIDEO — Why We Must Oppose Bilderberg
The Corbett Report
May 30, 2014
As the Bilderbergers gather in Denmark to discuss this year’s agenda, James Corbett presents “Why We Must Oppose Bilderberg” to the We The People Anti-Bilderberg Conference taking place in Copenhagen. Learn more about the history, aims, and goals of the Bilderberg Group, why they must be opposed, and how best to do it on this special edition of The Corbett Report podcast.
SHOW NOTES AND MP3: http://www.corbettreport.com/?p=9338
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- Escorted off Premises by Bilderberg Security
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MUST WATCH — Luke Rudkowski And Dan Dicks Arrested At Bilderberg 2014!
Press For Truth
May 27, 2014
Dan Dicks of Press For Truth and Luke Rudkowski of We Are Change were arrested at the Marriot Hotel While covering Bilderberg 2014. They were eventually released without charges…reasons given for the arrest by the police were at first “for drugs” even though non were found…then after public backlash and a demand for answers the reason given was “engaging in suspicious activity”
This was an illegal detention of journalists and the rights of the free press were violated. Support independent media! Support We Are Change and Press For Truth!
For more from Luke Rudkowski visit:
https://www.youtube.com/user/wearechange
Special Thanks to Line Sejr for back up camera and not leaving our side!
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