Ecuador recently passed an economic reform bill which will create a new state-run crytpocurrency. The bill also includes a blanket ban of all other cryptocurrencies including Bitcoin. The new state cryptocurrency will be backed by the Ecuadorian Central Bank, allowing the government to make digital payments. The new currency will function alongside the states official currency. The government has said they believe this will allow Ecuadorian citizens without bank accounts or credit cards another option for engaging in commerce.