Central Bank Digital Currencies: Current Challenges in Latin America
In response to the recommendation from the Bank for International Settlements to central banks in various economies to develop their own Central Bank Digital Currency (CBDC), some central banks in Latin America are developing their own CBDC, aiming to be a payment method used by the population inste...
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Universidad Francisco de Paula Santander
2025
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| author | Mata Hernández, José Miguel Castillo Escamilla, María Yezenia |
| author_browse | Castillo Escamilla, María Yezenia Mata Hernández, José Miguel |
| author_facet | Mata Hernández, José Miguel Castillo Escamilla, María Yezenia |
| author_sort | Mata Hernández, José Miguel |
| collection | DSPACE IDEP |
| description | In response to the recommendation from the Bank for International Settlements to central banks in various economies to develop their own Central Bank Digital Currency (CBDC), some central banks in Latin America are developing their own CBDC, aiming to be a payment method used by the population instead of cryptocurrencies and stablecoins. This research conducts a comparative analysis of the current landscape and challenges in the development and implementation of CBDCs in Latin America. Additionally, a hypothesis test using the T-student method is employed to analyze whether the rise in the use of cryptocurrencies could affect the adoption of CBDCs. Similarly, a dynamic SWOT matrix is used to present the strengths, weaknesses, opportunities, and threats of already launched CBDC projects. According to the results obtained, it is demonstrated that CBDC projects in Latin America are still in the research stage, but some have been canceled. Furthermore, only Brazil and Uruguay have advanced projects. However, there are challenges and issues for implementation and use by the population, among which the increase in the use of cryptocurrencies and stablecoins stands out. |
| first_indexed | 2026-06-19T15:28:44Z |
| format | Online |
| id | oai:revistas.ufps.edu.co:article-5068 |
| institution | IDEP |
| language | spa |
| last_indexed | 2026-06-19T15:28:44Z |
| publishDate | 2025 |
| publishDateRange | 2025 |
| publishDateSort | 2025 |
| publisher | Universidad Francisco de Paula Santander |
| publisherStr | Universidad Francisco de Paula Santander |
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| spelling | oai:revistas.ufps.edu.co:article-50682025-09-10T15:25:38Z Central Bank Digital Currencies: Current Challenges in Latin America Monedas Digitales de Bancos Centrales: Retos Actuales en América Latina Mata Hernández, José Miguel Castillo Escamilla, María Yezenia Monedas Digitales Bancos Centrales Desafíos de Implementación T-student FODA Dinámico Digital Currencies Central Banks Implementation Challenges T-student Dynamic SWOT In response to the recommendation from the Bank for International Settlements to central banks in various economies to develop their own Central Bank Digital Currency (CBDC), some central banks in Latin America are developing their own CBDC, aiming to be a payment method used by the population instead of cryptocurrencies and stablecoins. This research conducts a comparative analysis of the current landscape and challenges in the development and implementation of CBDCs in Latin America. Additionally, a hypothesis test using the T-student method is employed to analyze whether the rise in the use of cryptocurrencies could affect the adoption of CBDCs. Similarly, a dynamic SWOT matrix is used to present the strengths, weaknesses, opportunities, and threats of already launched CBDC projects. According to the results obtained, it is demonstrated that CBDC projects in Latin America are still in the research stage, but some have been canceled. Furthermore, only Brazil and Uruguay have advanced projects. However, there are challenges and issues for implementation and use by the population, among which the increase in the use of cryptocurrencies and stablecoins stands out. En respuesta a la recomendación del Banco de Pagos Internacionales a los bancos centrales de diferentes economías para desarrollar su propia CBDC, algunos bancos centrales en América Latina están desarrollando su propia CBDC, buscando ser un método de pago utilizado por la población en lugar de criptomonedas y las monedas estables. Esta investigación realiza un análisis comparativo sobre el panorama actual y los desafíos del desarrollo y de implementación de CBDC en América Latina. De igual manera, se hace uso de una prueba de hipótesis con el uso de la T-student para analizar si el auge en la uso de de las criptomonedas podría afectar la adopción de las CBDC. Similarmente, se utiliza una matriz FODA dinámica con el objetivo de presentar las fortalezas, debilidades, oportunidades y amenazas de proyectos CBDC ya lanzados. Según los resultados obtenidos, se demuestra que los proyectos de CBDC en América Latina siguen en etapa de investigación, pero algunos de ellos han sido cancelados, además, que sólo Brasil y Uruguay cuentan con proyectos avanzados, no obstante, existen desafíos y problemas para ser implementados y utilizados por la población, dentro de los cuales destaca el aumento del uso de criptomonedas y de monedas estables Universidad Francisco de Paula Santander 2025-07-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf text/html text/xml https://revistas.ufps.edu.co/index.php/profundidad/article/view/5068 10.22463/24221783.5068 Revista Científica Profundidad Construyendo Futuro; Vol. 23 No. 23 (2025): Julio-Diciembre; 1-11 Revista Científica Profundidad Construyendo Futuro; Vol. 23 Núm. 23 (2025): Julio-Diciembre; 1-11 2422-2518 spa https://revistas.ufps.edu.co/index.php/profundidad/article/view/5068/6181 https://revistas.ufps.edu.co/index.php/profundidad/article/view/5068/6182 https://revistas.ufps.edu.co/index.php/profundidad/article/view/5068/6388 /*ref*/Albert, J. F., Gómez-Fernández, N., & Alonso, S. L. N. (2024). Analysis of CBDCs in South America, the Caribbean, and Their Impact on Financial Inclusion. In Peterson Ozili (Ed.), Global Developments in Central Bank Digital Currency (pp. 68-83). IGI Global. https://www.igi-global.com/chapter/analysis-of-cbdcs-in-south-america-the-caribbean-and-their-impact-on-financial-inclusion/352024 /*ref*/Armelius, H., Guibourg, G., Johansson, S., & Schmalholz, J. (2020). E-krona design models: pros, cons and trade-offs. Sveriges Riksbank Economic Review, 2, 80-96. https://www.riksbank.se/globalassets/media/rapporter/pov/engelska/2020/economic-review-2-2020.pdf /*ref*/Bizama, G., Wu, A., Paniagua, B., & Mitre, M. (2024). A Framework for Digital Currencies for Financial Inclusion in Latin America and the Caribbean. arXiv preprint arXiv:2401.09811. https://arxiv.org/abs/2401.09811 /*ref*/Catalini, C., de Gortari, A., & Shah, N. (2022). Some simple economics of stablecoins. Annual Review of Financial Economics, 14. https://doi.org/10.1146/annurev-financial-111621-101151 /*ref*/Catalini, C., Dai Li, W., de Gortari, A., & Lilley, A. (2021). From Stablecoins to CBDCs: The Public Benefits of a Public-Private Partnership. SSRN. https://dx.doi.org/10.2139/ssrn.3986192 /*ref*/Banco de México. (s.f.). Características del Sistema de Pagos Electrónicos Interbancarios (SPEI®). Banco de México. https://www.banxico.org.mx/servicios/spei_-transferencias-banco-me.html /*ref*/BBVA Research. (2019). Monedas digitales emitidas por bancos centrales: características, opciones, ventajas y desventajas. BBVA. https://www.bbvaresearch.com/wp-content/uploads/2019/03/WP_Monedas-digitales-emitidas-por-bancos-centrales-ICO.pdf /*ref*/Carnap, M. (2013). El método FODA DINÁMICO. metaaccion MAGAZINE ESPECIAL, (7), 2-10. https://www.metaaccion.com/images/pdf/58335698f0ff7-swap_esp.pdf /*ref*/CBDC Tracker. (2024). Today's Central Bank Digital Currencies Status. CBDC Tracker . https://cbdctracker.org/ de Azevedo Sousa, J. E., Oliveira, V., Valadares, J., Dias Goncalves, G., Moraes Villela, S., Soares Bernardino, H., & Borges Vieira, A. (2021). An analysis of the fees and pending time correlation in Ethereum. International Journal of Network Management, 31(3), e2113. https://doi.org/10.1002/nem.2113 /*ref*/Flores Gálvez, J. N., & Mata Hernández, J. M. (2023). CBDC-MXN: Challenges and Perspectives in The Implementation as a Mexican Digital Currency. Mercados y negocios, 24(49), 3-20. https://doi.org/10.32870/myn.vi49.7689 /*ref*/Hernández, J. M. M., & Gálvez, J. N. F. (2024). Evaluación ESG de compañías de transporte y propuesta de financiamiento descentralizado para vehículos verdes. RECAI Revista de Estudios en Contaduría, Administración e Informática, 13(38), 1-13. https://recai.uaemex.mx/article/view/23190 /*ref*/Hernández, J. M. M. (2022). Panorama de inclusión financiera y del uso de criptomonedas en México. Interconectando Saberes, (13), 37-45. https://doi.org/10.25009/is.v0i13.2711 /*ref*/Hernández, J. M. M., & Cruz, S. A. (2022). Blockchain en la educación: su uso en credenciales académicas. Revista Digital Universitaria, 23(1). http://doi.org/10.22201/cuaieed.16076079e.2022.23.1.1 /*ref*/Hernández, J. M. M., & Ponce, S. A. C. (2020). México: Percepción de las FinTech y su papel en la inclusión financiera. Un Espacio para la Ciencia, 3(1), 97-124. https://www.revistas-manglareditores.org/index.php/espacio-para-la-ciencia/article/view/4 /*ref*/Náñez Alonso, S. L., Jorge-Vazquez, J., & Reier Forradellas, R. F. (2021). Central banks digital currency: Detection of optimal countries for the implementation of a CBDC and the implication for payment industry open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 72. https://www.mdpi.com/2199-8531/7/1/72 /*ref*/Rankings Latam. (2025). Adopción de criptomonedas en América Latina. Rankings Latam. https://rankingslatam.com/es-mx/blogs/industry-news/cryptocurrency-adoption-in-latin-america-2025-a-growing-financial-revolution /*ref*/Rodríguez, J.M. (2022). La implementación de las Monedas Digitales del Banco Central (CBDC) y su impacto en el sistema financiero europeo. [Trabajo de fin de grado, Facultad de Ciencias Humanas y Sociales, Universidad Pontificia Comillas]. Repositorio Comillas. https://repositorio.comillas.edu/xmlui/handle/11531/56755 Derechos de autor 2025 Universidad Francisco de Paula Santander https://creativecommons.org/licenses/by-nc/4.0 |
| spellingShingle | Monedas Digitales Bancos Centrales Desafíos de Implementación T-student FODA Dinámico Digital Currencies Central Banks Implementation Challenges T-student Dynamic SWOT Mata Hernández, José Miguel Castillo Escamilla, María Yezenia Central Bank Digital Currencies: Current Challenges in Latin America |
| title | Central Bank Digital Currencies: Current Challenges in Latin America |
| title_alt | Monedas Digitales de Bancos Centrales: Retos Actuales en América Latina |
| title_full | Central Bank Digital Currencies: Current Challenges in Latin America |
| title_fullStr | Central Bank Digital Currencies: Current Challenges in Latin America |
| title_full_unstemmed | Central Bank Digital Currencies: Current Challenges in Latin America |
| title_short | Central Bank Digital Currencies: Current Challenges in Latin America |
| title_sort | central bank digital currencies current challenges in latin america |
| topic | Monedas Digitales Bancos Centrales Desafíos de Implementación T-student FODA Dinámico Digital Currencies Central Banks Implementation Challenges T-student Dynamic SWOT |
| topic_facet | Monedas Digitales Bancos Centrales Desafíos de Implementación T-student FODA Dinámico Digital Currencies Central Banks Implementation Challenges T-student Dynamic SWOT |
| url | https://revistas.ufps.edu.co/index.php/profundidad/article/view/5068 |
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