Álvaro González Ricci emphasized that the quetzal is the official currency of the country.
In addition, the official noted that they are preparing a law to regulate electronic wallets.
The president of the Central Bank of Guatemala (Banguat), Álvaro González Ricci, recently declared to local media, citing the TRUMP memecoin as an example, that cryptocurrencies are not money but simply investment assets. Consequently, they are outside the jurisdiction of the entity. In addition, he highlighted that, according to current legislation, the quetzal is the official currency of the country.
However, González mentioned the phenomenon of CBDCs (Central Bank Digital Currencies), projects that countries such as Russia, India and China have been promoting in recent years. Although the official stressed that Guatemala is not involved in the development of this type of currency, He clarified that they are participating in studies to evaluate their possible impact.
Cryptocurrencies are not money. They are basically investment assets. So, they are outside the radar of the functions of the Bank of Guatemala. Something that is happening in the world are digital currencies backed by central banks, which are projects that have been under investigation for some years now… In Guatemala it is not that we are doing it, but we are being part of some studies where we want to see what would happen with that type of coins.
Álvaro González Ricci, president of the Central Bank of Guatemala.
On the other hand, the official indicated that they are preparing a law that they plan to present soon in Congress, with the aim of regulating digital payments, particularly electronic wallets.
“We already saw that Trump launched a cryptocurrency that, as I understand it, is not for commercial use, and I see that his wife did the same. But again, we are talking about investment assets, not money backed by a central bank,” Ricci noted.
Despite Ricci’s statements, the truth is that Guatemala has taken important steps regarding the cryptocurrency sector. In August 2024 it could already boast of being one of the countries with the most ATMs to exchange bitcoin for cash, with more than 2,700 5B machines (ATM) that allow users of the local Coincaex exchange to exchange cryptocurrencies such as bitcoin (BTC) for quetzales in cash. It is worth noting that 5B ATMs are one-way, which means that they are only used for withdrawing funds, not for purchasing cryptocurrencies.
