China vs Ecuador
Crypto regulation comparison
China
Ecuador
Banned
Partially Regulated
China has imposed a comprehensive ban on cryptocurrency activities. In September 2021, the PBOC and ten other agencies jointly declared all cryptocurrency transactions illegal, and the State Council banned crypto mining. China is instead promoting the digital yuan (e-CNY) CBDC.
Ecuador has a complex relationship with cryptocurrency. A 2014 National Assembly resolution banned Bitcoin as legal tender, and the Central Bank prohibits financial institutions from dealing in crypto. However, private ownership and trading of crypto are not explicitly illegal, and peer-to-peer usage exists.
Tax Type
Unclear
Tax Type
Unclear
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
PBOC (People's Bank of China), CBIRC, CSRC
Regulator
Banco Central del Ecuador, Superintendencia de Bancos
Stablecoin Rules
Not applicable; all crypto activities are banned
Stablecoin Rules
No specific stablecoin regulation
Key Points
- All crypto transactions declared illegal by PBOC and 10 agencies in September 2021
- Crypto mining banned by the State Council in 2021 after a series of provincial crackdowns
- Financial institutions and payment companies prohibited from facilitating crypto services
- China actively developing and piloting the digital yuan (e-CNY) CBDC
- Despite the ban, some Chinese citizens reportedly access crypto via VPNs and OTC desks
Key Points
- 2014 resolution prohibits crypto from being used as legal tender
- Central Bank bans financial institutions from facilitating crypto transactions
- Private ownership and P2P trading exist in a legal gray area
- Ecuador uses the US dollar as its official currency, limiting monetary policy tools
- No comprehensive crypto regulatory framework in place