{"id":336865,"date":"2021-09-09T13:37:39","date_gmt":"2021-09-09T10:37:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/as-bitcoin-debuts-in-el-salvador-honduras-and-guatemala-study-cbdcs\/"},"modified":"2021-09-09T13:37:39","modified_gmt":"2021-09-09T10:37:39","slug":"as-bitcoin-debuts-in-el-salvador-honduras-and-guatemala-study-cbdcs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/as-bitcoin-debuts-in-el-salvador-honduras-and-guatemala-study-cbdcs\/","title":{"rendered":"# As Bitcoin debuts in El Salvador, Honduras and Guatemala study CBDCs"},"content":{"rendered":"

“# As Bitcoin debuts in El Salvador, Honduras and Guatemala study CBDCs <\/strong>”
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Two Central American countries, Honduras and Guatemala, are taking a cue from their common neighbor\u2019s adoption of Bitcoin (BTC), but they are taking a very different road.\u00a0<\/p>\n

Instead of embracing an existing cryptocurrency as a legal tender, like what El Salvador did, the central banks of Honduras and Guatemala are currently studying<\/a>\u00a0central bank digital currencies or CBDCs.<\/p>\n

Following the app<\/a>roval of the board of directors, the Central Bank of Honduras kicked off a study \u201cto determine the feasibility of conducting a pilot test issuing its own digital money or a central bank digital currency,\u201d according to Honduras central bank president Wilfredo Cerrato\u2019s remarks at a forum event in Tegucigalpa.<\/p>\n

He said that the Central American Monetary Council or Consejo Monetario Centroamericano, the highest monetary authority in the region, should address the adoption of digital currencies.<\/p>\n

In the northwestern corner of the region, the CBDC even has a name. Banco de Guatemala vice president Jose Alfredo Blanco said the digital currency \u2014 iQuetzal \u2014 would be named after the national bird of Guatemala, just like its fiat currency.<\/p>\n

Related: <\/em><\/strong>Roxe hires ex-IMF economist to lead Bitcoin-backed CBDC project<\/em><\/strong><\/p>\n

However, the central banks are not eager to integrate a new form of currency into their existing financial system without preparation. Blanco stressed that the committee to work on a central bank digital currency had been formed only six months ago, and it will take a long time to complete the investigation phase.<\/p>\n

Central bank digital currencies have been gaining traction and interest in countries around the world. Nigeria’s CBDC, the eNaira, is set to launch on Oct. 1, on the country\u2019s 61st Independence Day. The Ukrainian government is also moving forward with its CBDC plans by giving the National Bank of Ukraine authority to issue a digital currency.<\/p>\n