Latin American and Caribbean countries are directing their economies towards the adoption of cryptocurrencies and CBDC, as an escape route from international sanctions, inflation, the devaluation of their official currency, among other reasons.

Recent reports from the International Monetary Fund indicate that in the region, countries such as Ecuador, Brazil, Argentina and Colombia remain at the top of the list of countries with the highest adoption of CBDCs.

Digital finance is a way to expedite international transactions, despite the restrictions that still exist, not only in terms of technology but also in terms of knowledge of this market.

The IMF has revealed that many countries in Latin America and the Caribbean are showing increasing interest in CBDCs. Regarding the survey that it has carried out in this matter, to record the progress in each nation, the agency has indicated: “Only two (Costa Rica and Panama) of the 17 respondents stated that they were not working in a CBDC. Half of the respondents were considering both a retail and a wholesale CBDC, forty percent were focused only on a retail CBDC, while only two were looking for only a wholesale CBDC.”

Specifically, in Brazil the digital real pilot plan has already been launched, with strict internal regulations. In Mexico, the digital peso will be released in 2025. Meanwhile, Guatemala, Honduras, Jamaica and the Bahamas are advancing slowly but with the goal of launching their own CBDC.

M.Pino

Source: criptocity

(Reference image source: Shubham’s Web3, Unsplash)

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La entrada Latin America at the forefront of CBDC adoption apareció primero en Bitfinance.