Honduras launches pilot for the creation of a CBDC

The Central Bank of Honduras (BCH in Spanish) is making significant progress towards the modernization of its financial system with the start of the pilot plan for a possible CBDC.

Central bank digital currencies are a safe, fast and stable payment alternative used in various countries around the world. With the launch of the study, Honduras opens the possibility of having a CBDC in the medium term to public consultation.

The pilot plan seeks to invite “interested sectors, professionals and the public to provide their comments and ideas on this innovative initiative. The consultation, accessible through the official BCH website, was released after the presentation of the BCH investigation on new payment options to the Financial Innovation Table (FOMIN).”

The Honduran regulatory entity prepared, with the support of the IMF, the study entitled “The future of money and payments in Honduras, which route to follow?”. There he studies the alternatives for the country regarding new payment means.

One of the principles of the study is identified as “exploring solutions that address not only financial inclusion, but also the current challenges facing Honduras, including interoperability issues and delays in cross-border payments.”

The deficiencies of the local payment system have given impetus to the possibility of creating a retail CBDC, added to proposals such as “amendments to the monetary and central bank laws, in order to establish the legal framework required to authorize the issuance of the CBDC.”

BCH, however, maintains a cautious stance regarding cryptocurrencies, which are not considered a viable solution due to their vulnerability, among other aspects.

M.Pino

Source: Criptopasion

(Reference image source: Bastian Riccardi, Unsplash)

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