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The electronic currency will be backed by the assets of the Central Bank of Ecuador", the National Assembly said in a statement. [67] In December 2015, Sistema de Dinero Electrónico ("electronic money system") was launched, making Ecuador the first country with a state-run electronic payment system. [68]
Electronic transactions require a deposit account (in a bank or other deposit-taking financial institution) and some familiarity with the payment system. [45] Many people in impoverished areas are underbanked or unbanked. [46] In the United States, almost one-third of the population lacked the full range of basic financial services in 2012. [47]
Chaum published the idea of anonymous electronic money in a 1983 paper; [1] eCash software on the user's local computer stored money in a digital format, cryptographically signed by a bank. The user could spend the digital money at any shop accepting eCash, without having to open an account with the vendor first, or transmitting credit card ...
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Since 2014, China's central bank has been working on a project called DCEP (Digital Currency Electronic Payment) or digital renminbi, [8] often also referred to as the "digital yuan" as it would be backed by the yuan. [9] At the end of 2017, the China's central bank organized a number of banks and institutions to jointly develop the DCEP system.
Blue Money Brattleboro, Vermont, and Chesterfield, New Hampshire; BNI Delaware, Pennsylvania, Maryland, New Jersey; Disney dollar Disneyland and Disney World; Fourth Corner Exchange Pacific Northwest; RiverHOURS Columbia River Gorge (Inactive) Potomacs (Started: 2009) Location: Washington, D.C., suburbs of Northern Virginia and Maryland [1]
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Nacha consolidated and added new rules which led to ACH. As computer and telecommunication technology advanced over the next few years, the system continued to develop. By 1978, electronic funds transfers were available. [6] From the late 1980s through to the 2000s, the system continued to develop with a number of enhancements.