Bitcoin can now be used as a measure of the market value of goods and services in Honduras. The Próspera ZEDE special economic zone in Honduras has officially recognized Bitcoin as a unit of account. This decision paves the way for the queen of cryptocurrencies to be used in commercial, financial and tax transactions.
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Honduras adopts Bitcoin in its economic zone
The invention of Satoshi Nakamoto continues to attract the attention of state actors in Latin America. After being legalized in El Salvador, in Colombia and in Argentina, now it’s Honduras’ turn to take a step towards using Bitcoin. Indeed, the Honduran Special Economic Zone has officially recognized Bitcoin (BTC) as a unit of account on January 5. Thanks to this decision, the use of Bitcoin in financial, commercial and tax transactions has been accepted throughout the world. Próspera ZEDE.
For the technical secretary of the economic zone, Jorge Colindres, the adoption of Bitcoin dedicated the financial and monetary freedom promoted by Próspera ZEDE.
Citizens should be free to carry out transactions, keep their accounts and declare their taxes in the currency of their choice.
Jorge Colindres, technical secretary of Próspera ZEDE
Conditions and constraints for the adoption of Bitcoin at Próspera ZEDE
It should be pointed out, however, that those wishing to adopt Bitcoin as a unit of account are subject to certain conditions. By way of example, the use of Bitcoin is conditional on the filing of a notice with the tax commissioner. The notice should refer to a crypto exchange duly registered in the country.
On the other hand, economic operators wishing to use Bitcoin to pay taxes will have to wait a little. For now, the electronic tax governance system is still limited. There is also a need to harmonize regulations. At this time, Hondurans can use Bitcoin for internal accounting purposes, while paying taxes in US dollars or Honduran lempira.
The Próspera ZEDE economic zone was launched in May 2020 on the island of Roatan in Honduras. Próspera ZEDE has since established itself as a key economic pool in Latin America. In its three years of existence, Próspera ZEDE has attracted over $100 million in investment and created more than 3,000 jobs, according to its technical director. Bitcoin adoption should boost the economic dynamism of Próspera ZEDE and the entire Roatan region.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
