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As recently revealed by the Presidents of the Central Banks of Honduras and Guatemala are looking upon digital currencies as revealed by the officials on Wednesday following the adoption of Bitcoin as a legal currency in El Salvador. The Presidents said that the banks were studying digital currencies with the aim of eventually introducing them into the nation’s economy including via a CBDC.
Honduras Central Banks and Guatemala Looking Forward to Digital Currencies
Wilfredo Cerrato, the President of the Honduras Central Bank, spoke at a regional economic forum in Tegucigalpa and 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."
In addition to this, Cerrato mentioned details regarding the adoption of digital currency in Central American countries and said that it should be addressed in the Central American Monetary Council, which eventually brings together the authorities of the Central Bank.
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 that would be called iQuetzal.
Blanco said:
"It will take perhaps a long time to complete the investigation phase."
Along with this, he added that the committee had been formed six months ago.
El Salvador Leading in Bitcoin Adoption
On Tuesday, El Salvador made an announcement and created history with its adoption of Bitcoin, the largest cryptocurrency in the world, as a legal tender.
Though the introduction of its digital wallet, which is backed by the government hit obstacles including technological glitches and bugs and an angry protest by citizens that lack trust.
However, it should be noted that El Salvador is the first country to take this step.