The government of Ecuador is pushing forward to establish its national electronic currency, PanAm Post reports. The central bank has given 360 days to all financial institutions in Ecuador to get on board. Top financial institutions with assets of more than $1 billion USD will have only 120 days to comply.

Ecuador's official Resolution 064-2015-M, announced on May 25, states that all entities of the public, private, and cooperative financial sectors must join the government-run Electronic Currency System as "Macro Agents." Financial institutions will have to provide an electronic tender option for all the services they currently offer and those they will subsequently offer. The text of the resolution (in Spanish) is available online on the government's website.

The new resolution comes less than one year after the government asked Congress to approve the creation of the new currency, with the condition that its adoption should be voluntary, El Diario Financiero reports. Though President Rafael Correa criticized the use of the U.S. dollar in the country, because it limits the ability of the government to incentivize falling exportations, he said his administration is not planning to stop using the U.S. dollar.