Now Bitcoin is a legal tender for Tax & commercial transactions in Honduras’ Prospera

Honduras special zone officially adopted Bitcoin as a unit of account to allow citizens to use Bitcoin payment.

Honduras is an independent Central American country. Prospera is a special zone situated on the island of Roatan which is in the middle of Honduras. In April 2022, the government agencies of Prospera decided to adopt Bitcoin for certain financial activities. 

Nearly 2 years later, Próspera officially recognised Bitcoin as a unit of account. It means people can use Bitcoin to measure the value of goods & services.

BREAKING: Honduras' special economic zone Prospera recognises #Bitcoin as a unit of account!

This makes #Bitcoin acceptable for commercial, tax, and financial transactions. pic.twitter.com/GZMBzoz4o8

— Bitcoin Archive (@BTC_Archive) January 7, 2024

This Bitcoin adoption decision was super-headed by Jorge Colindres, who is the acting manager and tax commissioner of Próspera ZEDE. 

On 7 Jan 2024, Jorge informed the Bitcoin community about this successful adoption of Bitcoin and said that it is the right of people to have financial & monetary freedom. 

En @ProsperaZEDE creemos en el derecho a la libertad financiera y la libertad monetaria. Las personas deben ser libres de realizar transacciones, llevar su contabilidad y reportar impuestos en la moneda de su libre elección. #Honduras #BTC https://t.co/nlaFLtheRL

— Jorge Colindres (@GeorgeColindres) January 7, 2024

However, this initial step of Bitcoin adoption in Honduras is only limited to Prospera but it will be interesting to see the future of Bitcoin adoption across the whole jurisdiction of Honduras.

Two years ago, many people claimed that Honduras was going to adopt Bitcoin, just like El Salvador adopted Bitcoin as a legal tender. 

Later, In March 2022, The Central Bank of Honduras officially responded & dismissed all such reports but confirmed that they would adopt the Central Bank Digital Currency (CBDC), Crypto’s blockchain technology, to modernise the financial system as well as the economy of the country.

This good news came amid the bull sentiments in the crypto market and probably this news will act as another catalyst to pump the trade price of Bitcoin. 

This year news around Bitcoin spot ETF applications, Bitcoin halving, & US presidential election news are going to play a vital role in pumping Bitcoin.

However, Bitcoin spot ETF-related news already pumped Bitcoin by 160% in the last 6 months & post-approval will help inflow huge money into the market but people need to remain active to see the reaction of Bitcoin on behalf of later two factors. 

Read also: Vitalik Buterin shares his financial advice with the crypto investors