• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO
Honduras
Advertisement

Honduras Economic Zone Accepts Bitcoin As Legal Tender – What Now, Central Bank?

Christian Encila by Christian Encila
12 months ago
in Bitcoin, Crypto News
0
Advertisement

A special economic zone on a tourist-oriented island off the coast of Honduras has recognized bitcoin and other cryptocurrencies as legal tender, zone officials announced Friday.

While the country’s central bank recently denied reports that it was considering making bitcoin its de facto currency, a scenic jurisdiction called Próspera on the island of Roatán stated that it now recognizes cryptocurrencies as a legal tender in its jurisdiction.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Suggested Reading | FDIC Wants All US Banks To Report Crypto-Related Activities, Citing ‘Safety Hazards’

Pushing For Economic Development

The special economic zone, dubbed “Honduras Prospera,” was founded in 2020 to aid in the area’s economic development. It enjoys fiscal, administrative, and budgetary autonomy.

Prospera noted in a statement:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

“Prospera’s dynamic regulatory structure fosters crypto innovation and the widespread use of Bitcoin by residents, businesses, and governments.”

The declaration comes as a surprise and will almost probably generate discussion in other countries, depending on how the move plays out.

According to the press release, there are other favorable developments. Local governments, municipalities, and foreign businesses will be able to issue Bitcoin bonds from the SEZ, another significant development for the asset.

The objective is that this will stimulate economic development by attracting foreign direct investment.

BTC total market cap at $835.55 billion on the daily chart | Source: TradingView.com

Joel Bomgar, the president of Honduras Próspera Inc., said Bitcoin within Próspera “functions as legal tender—that means no capital gains tax on Bitcoin, you can transact freely using Bitcoin, and you can pay taxes and fees with Bitcoin.”

El Salvador, a neighboring country, became the first government in the world to embrace bitcoin as legal currency in September, but with a rocky implementation and widespread public mistrust.

There have been numerous speculations recently claiming that Honduras’ 56th President, Xiomara Castro, may legalize bitcoin in the country.

Some sources have it that the Honduran government may even make a statement in the “coming days.”

Suggested Reading | Peter Thiel Calls ‘Enemy No. 1′ Warren Buffett A ‘Sociopathic Grandpa’ During Bitcoin 2022 Miami

Central Bank: Not Legal Tender

On March 23, Honduras’ central bank put the rumors to rest, disclosing in a statement that crypto assets are not legal tender nor regulated in the country.

The bank clarified in a recent announcement:

“Any transaction involving this form of virtual asset is carried out at the risk and responsibility of the individual who executes it.”

While this decision is limited to the authority of the Próspera ZEDE economic zone, it is a significant one that may cause other governments to consider a similar course of action.

This is a demonstration of the numerous advantages of bitcoin and other cryptocurrencies. Bitcoin’s popularity has prompted the Honduran government to deploy ATMs around the country.

Featured image from CoinGeek, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christian Encila

Christian Encila

Related Posts

Bitcoin

Bitcoin Bullish Signal: Transaction Activity Hits Highest Since April 2021

5 hours ago
Crypto

Venezuela To Restructure Its Crypto Department

7 hours ago
bitcoin 1970s gold fractal

Is Bitcoin Following An Explosive 1970s Gold Fractal?

8 hours ago
Banking Crisis Causes $26 Billion Increase in Bitcoin Market Cap

Banking Crisis Sees Bitcoin Market Cap Rise By $26 Billion

8 hours ago
Users Beware: Harvest Keeper dApp Rugpull Claims $1M in Losses

Users Beware: Harvest Keeper dApp Rugpull Claims $1M in Losses

9 hours ago
Bitcoin (BTC)

Bitcoin Could Continue Rally Amid Intensified Banking Crisis, Here’s Why

12 hours ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
Coinplay
Coinplay
K8
K8

Sportbooks

Coinplay
Coinplay

Press Releases

  • Cryptocurrency News Today: Shiba Inu Burns Tokens While...

    10 hours ago
  • Vote-to-Earn Project Love Hate Inu Raises $1 Million &...

    16 hours ago
  • Get Ready to Save Animals and the Environment with...

    19 hours ago
  • Investors Turn to TMS Network (TMSN) As Tron (TRX) And...

    19 hours ago
  • Investors Have Lost Confidence in Solana (SOL) And Ripple...

    19 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.