Honduras And Guatemala Interested In Following El Salvador's Steps, Adopting Cryptocurrencies

Bitcoin can now be spent directly in El Salvador. (photo: twitter)

JAKARTA – The central banks of Honduras and Guatemala are now eyeing digital currencies. This statement came from officials in the country on Wednesday, September 8, following El Salvador's adoption of bitcoin as a legal currency.

Central bank presidents for Honduras and Guatemala both said the bank was studying digital currencies or cryptocurrencies to eventually introduce them into the economy.

El Salvador on Tuesday, September 7, has made history by adopting bitcoin as a legal tender. Although the launch of the government-backed digital wallet has encountered obstacles including technological disruption and angry protests by disbelieving citizens.

"The Central Bank of Honduras has also recently begun, approved by the board of directors, to initiate a study to determine the feasibility and conduct a trial of issuing its own digital money or central bank digital currency", said Honduran central bank President Wilfredo Cerrato, while speaking at a regional economic forum in Tegucigalpa.

Cerrato said digital currency adoption in Central American countries should be handled at the Central American Monetary Council, which brings together central bank authorities.

Guatemala's central bank vice president, Jose Alfredo Blanco, said the bank was studying the possibility of a local digital currency to be called iQuetzal.

"It will probably take a long time to complete the investigation phase", Blanco said, adding that a committee had been formed six months ago.