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Honduras plans to enter the cryptocurrency market by launching its stable coin

Honduras

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TL;DR

TL;DR Breakdown

• The BCH wants to follow the plan that governments like El Salvador have implemented on cryptos.
• Honduras tries to create a solid bill to make cryptocurrency trading great.

Among the latest news, the banking entities of Honduras and Guatemala have announced that they may accept the cryptocurrency trade. Both governments have agreed to use the virtual currencies that the entity will issue.

The vice-president of the reserve bank in Guatemala, José Blanco, revealed that it is possible to create a stable currency based on decentralized currencies. Similarly, Blanco created a group that would investigate the project to carry it out. The bank executive details that the virtual currency could be called “Quetzal.”

Honduras wants to enter the crypto market

Honduras

While the Guatemalan government gives BANGUAT free will to create its cryptocurrency token, Honduras joins the initiative at the CBDC. Both countries have been keen to adopt cryptos after the El Salvador government had an excellent transition last week.

However, the Honduras and Guatemala actions towards cryptos are focused on creating a stablecoin and not on directly adopting Bitcoin, as El Salvador did. The Salvadoran government adopted Bitcoin as a legal currency so interested citizens and companies could make crypto transactions.

El Salvador called its cryptographic execution a “Bitcoin plan,” To complete it; it had to buy 400 BTC previously. Nayib Bukele, president of the nation, clarified this massive Bitcoins purchase would increase their value, and he was not wrong in part. Since the bill was included, BTC reached $52,000 but then plummeted above $45,000.

But the El Salvador government said that buyers could have $30 Bitcoin worth if they make transactions. Although this project is a marvel for many cryptos fans within El Salvador, it has brought many problems for another group of people. Since the bill for BTC was approved in the country, a wave of protests has been reported.

Despite El Salvador’s problems with cryptocurrencies and their reform, Honduras will risk adopting them. The BCH has not said when the launch of its stable currency will be and if it will be linked to the price of a dollar or its national currency, the lempira.

Several Latin countries accept trading with cryptocurrencies

Although it is not unofficial, several Central American and Latin American countries have shown interest in the cryptocurrency market. Honduras enters the list of Central American governments that want to address virtual currencies, El Salvador is also included, and possibly Panama enters the game.

Below Central America, countries like Colombia, Argentina, and Brazil intend to create their crypto trade projects. These Latin countries may cling to Honduras ideas and the BCH to create their stablecoin based on cryptocurrencies. But the governments of each country could consider adopting decentralized cryptos as El Salvador has done.

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Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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