As El Salvador makes Bitcoin legal tender, neighbors Honduras and Guatemala consider launching CBDCs
As El Salvador makes Bitcoin legal tender, neighbors Honduras and Guatemala consider launching CBDCs By Editor DiarioBitcoin

El Salvador’s neighboring countries are looking to go down a very different path: Central Bank digital currencies instead of making Bitcoin

legal tender.


El Salvador’s two neighboring countries, Honduras and Guatemala, don’t seem to be interested in following the same crypto adoption path as El Salvador. Although inspired by the Central American country’s example, they have started looking at digital currencies. But instead of thinking about making Bitcoin legal tender, they are starting to think about having their own, created by their central banks. This was reported by Reuters

news agency.

Instead of adopting an existing cryptocurrency as legal tender, the central banks of Honduras and Guatemala are looking into central bank digital currencies, or CBDCs.

Following board approval, the Central Bank of Honduras initiated a study “to determine the feasibility of conducting a pilot test by issuing its own digital money or a central bank digital currency,”

according to remarks by Honduran central bank president Wilfredo Cerrato at the regional economic forum in Tegucigalpa. He said the Central American Monetary Council, the region’s highest monetary authority, should address the adoption of digital currencies.

For his part, the vice president of the Bank of Guatemala, José Alfredo Blanco, said they are studying their CBDC and that the digital currency, iQuetzal, would be named after Guatemala’s national bird, just like their fiat currency, called Quetzal


Little by


But we must be clear that these are not short-term projects. In both cases they are working on it, but without haste.

Blanco emphasized that the committee to work on a central bank digital currency in Guatemala was formed only six months ago, and it will take a long time to complete the research phase.

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As DiarioBitcoin has reported , more and more countries are working on CBDC, with 83 nations in the process as of July. However, almost all of them are under study. In fact, the pioneers and the only ones that have them operational are five countries located in Caribbean islands

. They are the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada, all in the Caribbean Sea.

Sources: Reuters, <a href=”https://cointelegr”>Cointelegraph, archivo

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