Political economy of cryptocurrencies in Ecuador: financial inclusion, regulation and community education

Abstract

This article analyzes the relationship between cryptocurrencies, financial inclusion, and regulatory challenges in Ecuador, positioning community financial education as a strategic dimension to understand associated opportunities and risks. The study follows a qualitative, descriptive-analytical, and documentary design, based on legal, documentary, and historical-institutional analysis of normative, institutional, and academic sources. Results show that the expansion of cryptocurrencies in Ecuador has occurred gradually and informally within a context of persistent regulatory ambiguity. Opportunities are identified in remittances, digital commerce, and financial inclusion, alongside risks related to volatility, fraud, lack of user protection, and absence of comprehensive supervision. The findings also indicate that an exclusively restrictive approach is insufficient to govern this phenomenon. The study concludes that the social value of crypto-assets depends less on their operational advantages than on the regulatory, institutional, and educational conditions shaping their integration into the Ecuadorian economy.