Special economic zone in Honduras has recognized bitcoin as a unit of account

The legal status of the asset was granted back in April 2022

08.01.2024 - 11:29

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What’s new? Próspera, a special economic zone of Honduras, located on the island of Roatan, has officially recognized bitcoin as a unit of account. This allows the first cryptocurrency to be used as a monetary unit to measure the market value of various goods and services. The status of legal tender in the territory of Próspera was granted to bitcoin back in April 2022.

Order of the Próspera management

What else is known? The initiator of the innovation was the manager of Próspera, Jorge Colindres. According to him, the new BTC status will give more financial freedom to individuals and businesses operating in the area.

“At @ProsperaZEDE we believe in the right to financial freedom and monetary freedom. People should be free to carry out transactions, do their accounting and report taxes in the currency of their free choice,” the official said.

At the same time, Colindres clarified that so far tax payments in bitcoins are not possible due to the limitations of the digital government system and external problems related to the legal status of the asset.

For now, tax liabilities of companies operating in Próspera that have chosen bitcoin as their main currency can only be displayed in BTC for internal accounting purposes. Reports to Próspera must be filed with amounts in US dollars or the Honduras lempira.

El Salvador regulator approves bitcoin bonds issuance in early 2024

The project has been delayed at least four times since it was first announced last March

In July 2022, Honduran authorities opened “Bitcoin Valley” in the tourist city of Santa Lucia.

In August 2023, Binance launched Send Cash, a service that allows exchange users from nine Latin American countries, including Honduras, to transfer cryptocurrency via Binance Pay to bank accounts.

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