Guidelines announced for electronic money system

Electronic money guidelines announced

Ecuador’s Central Bank has set limits of $2,000 per month and $300 per day for transactions under its new electronic money system. For companies, the limit is $20,000 per month, but the amount can be extended with prior approval, the bank says.

The new system, set to begin operation in December, is intended primarily for those who do not have bank accounts but can be used by anyone in the country who wants to participate. Transactions will be made via cell phones.

Use of the system requires an account with the Central Bank in which the user deposits U.S. dollars. The bank will assess a fee of two to 10 cents per transaction.

In addition to making payments to participating businesses and individuals, the sytem can be used for paying utilities such as electric, water, internet and telephone services. The central bank estimates that 700,000 will use the new system in 2015.