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Ecuador Announces World's First Digital Currency

Last month I flew six and a half hours from Los Angeles, changed planes, flew another two hours, went through customs, and kept using the dollars I'd brought with me. Had I landed in Guam? Was I participating in some underground economy overseas?

No, I'd gone to Ecuador.

Like Panama, El Salvador, and a handful of tiny nations in the Caribbean and South Pacific, Ecuador adopted the U.S. dollar as its official currency back in 2000. As of December, the government just announced, the dollar will have a companion in the South American country: an as-yet-unnamed currency that will exist purely in digital form, stored largely on users' cell phones.

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