Over the weekend, CCN reported on the government of Ecuador's decision to ban Bitcoin, along with all other cryptocurrencies, via a National Assembly majority vote on July 23rd.
Ecuador currently uses the US dollar as its official currency, and the new national cryptocurrency will be integrated alongside the Dollar.
The National Assembly’s explicit intention that their central bank’s cryptocurrency “allow government to make payments in digital currency” makes clear their plan to
a) institutionalize the use of a national currency for internal cash flow, and
b) eliminate Dollar and foreign currency dependency.
The cryptocentavo’s example of a centralized implementation of an essentially decentralized technology is going to be watched, internationally, with great interest.