In a significant development, Próspera, a special economic zone in Roatan, Honduras, has officially recognized Bitcoin as a unit of account, thereby establishing it as legal tender within the region. This move comes less than two years after the zone first incorporated the cryptocurrency into its economic framework. The decision allows Bitcoin to serve as a legitimate measure for determining the market value of goods and services within Próspera.
The announcement was made on January 5 by Jorge Colindres, the acting manager and tax commissioner of the zone. This move marks a significant step towards legitimizing Bitcoin for a variety of commercial, tax, and financial transactions. Colindres cited financial freedom for residents and businesses as the primary motivation behind the decision in a post on the rebranded X platform on January 7th.
With Bitcoin now recognized as a unit of account, goods and services within the Próspera zone can be valued in terms of BTC. However, the implementation of the “Final BTC Tax Payment Procedure” is currently on hold due to technological limitations within the eGovernance system and unresolved regulatory issues. Until this procedure is operational, entities choosing Bitcoin will conduct internal tax calculations in BTC, but will submit reports to Próspera ZEDE in USD or Lempira.
Once the Final BTC Tax Payment Procedure is in place, it will mark the beginning of both BTC-denominated reporting and tax payment. Próspera ZEDE will also provide pre-approved templates for declaring Bitcoin adoption and will update the eProspera platform to accommodate data entry and filing functionalities.
This decision by the economic zone follows rumors that Honduras was on the verge of endorsing Bitcoin as an official medium of exchange, similar to El Salvador’s move. However, the Central Bank of Honduras has dismissed these rumors, urging caution when using cryptocurrencies for transactions due to their unregulated status.
Colindres praised Próspera as a beacon of “competitiveness” in Latin America, noting its achievement of over $100 million in investment and the creation of more than 3,000 jobs in three years. Próspera ZEDE, which was established in May 2020, confirmed Bitcoin’s legal tender status in April 2022, seven months after El Salvador’s national adoption.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇭🇳 🇸🇻 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Jorge Colindres |
| Companies | Próspera, Central Bank of Honduras, TradingView.com |
| Currencies | Bitcoin, united states dollar, lempira |
| Securities | None |
