Honduras SEZ accepts Bitcoin as legal tender
Interestingly, the Central Bank of Honduras has time and again expressed its apprehensions about cryptocurrencies
- Apr 8, 2022,
- Updated Apr 8, 2022 9:56 AM IST
After staunchly denying rumors of accepting Bitcoin as a legal tender for the whole country, Honduras has now accepted Bitcoin as legal currency for the special economic zone "Honduras Prospera".
Officials in charge of the special economic zone (SEZ), which is a tourist-centric island in Honduras' Caribbean, announced on Thursday that they would be adopting the cryptocurrency Bitcoin as legal tender in the area.
The special economic zone Honduras Prospera was established in 2020 to help encourage investment in the area and has administrative, fiscal, and budgetary autonomy.
"Prospera's flexible regulatory framework enables crypto-innovation and the use of Bitcoin by residents, businesses, and governments," Honduras Prospera said in a statement.
Moreover, the economic zone will also let municipalities, local governments, and international firms issue bitcoin bonds from the area's jurisdiction.
Honduras Prospera covers parts of the picturesque Roatan island as well as the city of La Ceiba on Honduras' Atlantic Coast.
Interestingly, the Central Bank of Honduras has time and again expressed its apprehension for cryptocurrencies. Last week a representative of the bank said that they cannot vouch for cryptocurrency transactions.
"Any transaction carried out with this type of virtual asset falls under the responsibility and risk of the person carrying it out," the bank said in a statement recently.
It is noteworthy to mention that neighboring country El Salvador adopted bitcoin as legal tender last year in September, making it the first country in the world to adopt a cryptocurrency as a recognized means of exchange.
Also Read: Maharashtra's Gadchiroli to issue caste certificates via blockchain platform Polygon
Also Read: Crypto crime: Pune police recovers over Rs 84 cr worth of Bitcoins
After staunchly denying rumors of accepting Bitcoin as a legal tender for the whole country, Honduras has now accepted Bitcoin as legal currency for the special economic zone "Honduras Prospera".
Officials in charge of the special economic zone (SEZ), which is a tourist-centric island in Honduras' Caribbean, announced on Thursday that they would be adopting the cryptocurrency Bitcoin as legal tender in the area.
The special economic zone Honduras Prospera was established in 2020 to help encourage investment in the area and has administrative, fiscal, and budgetary autonomy.
"Prospera's flexible regulatory framework enables crypto-innovation and the use of Bitcoin by residents, businesses, and governments," Honduras Prospera said in a statement.
Moreover, the economic zone will also let municipalities, local governments, and international firms issue bitcoin bonds from the area's jurisdiction.
Honduras Prospera covers parts of the picturesque Roatan island as well as the city of La Ceiba on Honduras' Atlantic Coast.
Interestingly, the Central Bank of Honduras has time and again expressed its apprehension for cryptocurrencies. Last week a representative of the bank said that they cannot vouch for cryptocurrency transactions.
"Any transaction carried out with this type of virtual asset falls under the responsibility and risk of the person carrying it out," the bank said in a statement recently.
It is noteworthy to mention that neighboring country El Salvador adopted bitcoin as legal tender last year in September, making it the first country in the world to adopt a cryptocurrency as a recognized means of exchange.
Also Read: Maharashtra's Gadchiroli to issue caste certificates via blockchain platform Polygon
Also Read: Crypto crime: Pune police recovers over Rs 84 cr worth of Bitcoins