Cryptocurrency Q&A
Why does Ecuador use US money?
Why does Ecuador use US money?
GalaxyWhisper
Thu Oct 10 2024
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7 answers
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I'm curious about why Ecuador chooses to use the currency of the United States instead of having its own. What are the reasons behind this decision? Is it beneficial for their economy?
7 answers
CryptoLegend
Sat Oct 12 2024
Recognizing the gravity of the situation, Ecuador's government took the bold step of adopting the US dollar as its official currency.
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GwanghwamunGuardianAngel
Sat Oct 12 2024
Ecuador's decision to embrace the US dollar as its official currency stemmed from a series of economic challenges faced by the country in 1999.
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PulseWind
Sat Oct 12 2024
At the heart of this decision was the government's intervention in the banking sector, with bank bailouts aimed at stabilizing the financial landscape.
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benjamin_rose_author
Sat Oct 12 2024
However, these measures failed to prevent the devaluation of Ecuador's currency, leading to further economic uncertainty and instability.
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PearlWhisper
Sat Oct 12 2024
Compounding the situation was the government's fiscal deficit, which put immense pressure on the country's finances.
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