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Following the Adoption of Bitcoin by El Salvador, Central Banks of Honduras and Guatemala Seek To Study Digital Currencies

On Tuesday, El Salvador adopted Bitcoin as a legal currency that was met with an angry protest by mistrustful citizens. Adding to the teething troubles, there were technical glitches and a dip in the cryptocurrency affecting the initial rollout. Following the event, officials from the Central Banks of Honduras and Guatemala mentioned their interest in digital currencies.

According to the Central Bank Presidents for Honduras and Guatemala, the objective of the banks is to develop an understanding of the digital currencies so that they can eventually be introduced into the economy, including via a central bank digital currency.

Wilfredo Cerrato, President of Central Bank of Honduras, while addressing a regional economic forum in Tegucigalpa, said, “The Central Bank of Honduras has also recently begun, approved by the board of directors, to initiate the study… to determine the feasibility of conducting a pilot test issuing its own digital money or a central bank digital currency.” He also added that the digital currencies that are to be adopted by Central American countries must be addressed in the Central American Monetary Council, which brings together central bank authorities.

On the other hand, Jose Alfredo Blanco, the Vice President of the Central Bank of Guatemala said that the bank was studying the possibility of a local digital currency which would be called iQuetzal.

“It will take perhaps a long time to complete the investigation phase,” Blanco said, adding that a committee had been formed six months ago.

Source: Thomson Reuters

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