Electronic money is just another step in the money evolution. Better than bank accounts but worse than bitcoin.
Isn't 99% of money electronic? Mintchip is another failed example of a canadian attempt at a different digital currency. Neither Ecuadors attempt or Canadas attempt would classify as a cryptocurrency because -
http://en.wikipedia.org/wiki/CryptocurrencyA cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to
control the creation of new units.Governments will be unlikely to allow algorithms to control their spending habits.
99% of money is electronic but it is in the banks control and the ecuatorian case is an electronic money in the gov control (central bank). This allows companies to operate directly with central bank accounts instead of doing it with private banks accounts.
Another point here is that the ecuatorian gov cannot "print" more money because they don't have a national currency but the US dollar instead.
An I think nonody said it is crypto. It is just electronic.
