Regulatory Alerts2023-01-01 | JPRM-2023-015-MJPRM-2023-015-M — Regulation of Legal Tender
The Monetary and Financial Policy Board (JPRM) of Ecuador issued Resolution JPRM-2023-015-M to formally regulate the legal tender framework in the country. The resolution explicitly establishes the United States dollar as the sole legal tender and mandates that all monetary, financial transactions, and accounting records be expressed in US dollars. This measure aims to preserve the integrity of Ecuador's dollarization system and ensures that no private entity is obligated to accept currency other than the US dollar.
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