Regulatory Alerts2022-01-01 | JPRM-2022-005-MJPRM-2022-005-M — Currency and Electronic Payment Means Regulation
The Monetary and Financial Policy Board issued Resolution JPRM-2022-005-M to establish the regulatory framework for legal currency and electronic payment means in Ecuador. The resolution mandates that the US dollar is the sole legal tender and requires financial institutions to provide free fractional currency exchange services to the public. It further defines electronic payment instruments, assigns their operation to the Central Bank of Ecuador, and establishes control and statistical reporting obligations.
Share