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As El Salvador launched Central bitcoin banks of Honduras, Guatemala eyes digital currencies

Central banks of Honduras, Guatemala are keeping a close eye on digital currencies. This move is coming after the adoption of bitcoin in El Salvador as the legal tender.

Bitcoin
Photo By "The Hindu"

The Central Banks of Honduras and Guatemala now have very minute attention to digital currencies. Officials said on Wednesday that they have an eye on the digital coins due to the current market situation. This move is coming after the adoption of bitcoin in El Salvador as the legal currency. The central bank presidents for Honduras and Guatemala have said that the banks are studying digital currencies.

They are aiming to introduce digital currencies in the economy. The move will take place via a digital currency of the central bank.

On Tuesday, El Salvador had a secret history. It had adopted bitcoin as a legal tender. The country has launched its own bitcoin wallet. The launch of bitcoin is getting the support of a digital wallet due to the government’s focus on making it easy to access.

However, the launch of the crypto wallet has already experienced a technical glitch. Also, some of the citizens are protesting who do not have any trust in bitcoin due to its highly volatile nature.

Honduras Central Bank president Wilfredo Cerrato 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.”

Cerrato said that the adoption of digital coins in Central American countries must be addressed at the Central American Monetary Council. It brings together the central bank authorities. Hence it will lead to better decision-making.

The central vice president of Guatemala, Jose Alfredo Blanco, said that the bank has been studying the possibility of a local digital currency. It would be called iQuetzal. Blanco said it would take a long time to complete the investigation phase on digital currencies. The bank had formed a committee six months ago for this purpose.

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