No, it is totally illegal. The Ecuadorian government has issued a ban on bitcoin and other digital currencies. The National Assembly of Ecuador banned bitcoins which include different decentralized digital/crypto currencies, due to the establishment of a new state-run electronic money system. Ecuador’s new project would be managed by the government and tied directly to the local currency—the dollar. Users will be able to pay for select services and transfer money between individuals. This was slated to start in mid-February 2015. “Electronic cash is designed to operate and support the economic scheme of dollarization,” economist Diego Martinez, a delegate of the President of the Republic to the Board of Regulation and Monetary and Financial Policy.