Cryptocurrency Being Eyed by Central Banks of Honduras, Guatemala, Following El Salvador's Bitcoin Adoption

The central banks of Honduras and Guatemala are eying digital currencies, officers mentioned on Wednesday, following El Salvador's adoption of Bitcoin as authorized forex.

The central financial institution presidents for Honduras and Guatemala each mentioned the banks had been learning digital currencies with the intention of ultimately introducing them into the economic system, together with through a central financial institution digital forex.

El Salvador on Tuesday made history with its adoption of Bitcoin as authorized tender, although the launch of its government-backed digital pockets hit snags together with technological glitches and an indignant protest by mistrustful residents. Bitcoin price in India stood at Rs. 36.4 lakhs as of 10am IST on September 9.

"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," mentioned Honduras central financial institution president Wilfredo Cerrato, talking at a regional financial discussion board in Tegucigalpa.

Cerrato mentioned the adoption of digital currencies in Central American international locations ought to be addressed within the Central American Monetary Council, which brings collectively central financial institution authorities.

Guatemala's central financial institution vice chairman Jose Alfredo Blanco mentioned the financial institution was learning the likelihood of an area digital forex that will be referred to as iQuetzal.

"It will take perhaps a long time to complete the investigation phase," Blanco mentioned, including {that a} committee had been shaped six months in the past.

HIGHLIGHTS

Crypto is being studied by central banks of Honduras and Guatemala

The aim is to eventually introduce crypto into the economy

El Salvador is the first countro to formally adopt cryptocurrency

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