The Honduras Special Zone officially recognizes Bitcoin as a unit of account

john405

Less than two years after adopting bitcoin as BTC legal tender, Prospera, a special economic zone in Roatan, Honduras, has officially recognized bitcoin as a unit of account — meaning it can now be used to measure the market value of goods and services.This development means that BTC can be used as a monetary unit to measure the market value of various goods and services in the Prospera region. Colindres, however, said it could not implement a "final BTC tax payment system" at the moment, citing technical limitations of its e-governance system in addition to some external regulatory issues.For now, the tax liabilities of bitcoin-electing companies will be determined with reference to BTC for internal accounting purposes but will be reported in US dollars Próspera ZEDE or Honduras lempira.Once the issues are resolved, the companies will report the tax liability (and pay the corresponding amount) to Prospera ZE in BTC, Colindres noted.Those interested in uniting BTC accounts must file a notice with the Prospera Tax Commission within 30 days of the relevant tax periodhonduras-special-economic-zone-

AndrewMarshall

Well, all news of this kind is welcome, but considering that this is an area of 60K inhabitants , we should not be overly optimistic. Nor do I believe that Bitcoin is going to impose itself as a unit of account on the basis of legislation, considering how volatile it still is relative to the major currencies. We only have to see that it is not a unit of account in a practical way even in this forum.

DonahueAdelaide

This is Honduras taking it a little bit higher than EL Salvador has. Using Bitcoin as a unit of account comes with loads of complexities in inner calculation for tax and other stuff. I commend the move by the Hnduras goveernment but I also advice that proper sensitization be carried out before going fullscale with this policy as it may cause some inbalances in their financial records, especially in cases where blockchain technology and education is yet to find its feet.

PorterSawyer

I have the same view that any news about Bitcoin promotion and adoption is a positive addition to the Bitcoin community. The government identified that the reason for making this policy is to give the people of Próspera the freedom to choose the currency they find convenient when engaging in business dealings. Businesses and individuals will also be able to pay taxes using Bitcoin shortly. Considering the small population of this economic zone, the impact on the price of Bitcoin will not be noticed but at least it will help when I am promoting Bitcoin. It is simple to promote Bitcoin by giving examples of big corporations, regions or countries that have adopted it. People will always want to hear these kind of positive news for them to begin to see Bitcoin as a globally recognized currency. Quote from: wallet4bitcoin on January 08, 2024, 04:31:58 AM This is Honduras taking it a little bit higher than EL Salvador has. Using Bitcoin as a unit of account comes with loads of complexities in inner calculation for tax and other stuff. I commend the move by the Hnduras goveernment but I also advice that proper sensitization be carried out before going fullscale with this policy as it may cause some inbalances in their financial records, especially in cases where blockchain technology and education is yet to find its feet. Honduras has a literacy rate of about 88.51% which is considerably suitable for Bitcoin education. It is the responsibility of the government in partnership with other organizations to engage in massive awareness of this project. The policy might face some hitches at this infant stage but the system will keep improving with time.

JoyHosea

The story with that island and their relationship with Bitcoin appeared for the first time in 2022, but later it was written that Honduras somehow challenges the island to do such things because they are not in accordance with the laws. It seems that they still managed to keep Bitcoin on the island, and regardless of the fact that it is a project that probably won't have a global impact, it is still something positive for Bitcoin. A few topics I found in the Bitcoin discussion when it comes to Prospera. Madeira and Prospera "adopting bitcoin" Honduras SEZ accepting Bitcoin as legal tender. What could be the benifits? BITCOIN NOW A LEGAL TENDER IN SPECIAL ECONOMIC ZONE OF HONDURAS.

5eric

I wonder how it will be for them once they completely make it legal tender despite of them one of the smallest countries in the world, they are one of the countries that are best to try this innovation and it could be for their best future if they have some great plan along with recognizing Bitcoin as a unit of account. Since El Salvador has found no problem in making their country one of the bitcoin-friendly in the world, I was waiting for others will follow in their footsteps but as we can see, there are lots of things have been happening and now we know that they have different approach when it comes to adopting bitcoins in their countries.

Winfred

I don't think it's about being optimistic but rather celebrating the small wins, I think any news about Bitcoin adoption level rise should be always welcome . I don't think we would ever here that some so called populated big power country government would fully admit to accepting Bitcoin so news like this can encourage Bitcoin enthusiast in Bitcoin hostile country to strive on.

MVVCT

As far as I know, Honduras is not a country that is being led into any speculations about doing anything similar to El Salvador, and besides, according to the latest data, Honduras has about 10.6 million inhabitants, compared to El Salvador, which has about 6.3 million. This whole story is about a place called Prospera and it is located on the island of Roatan, and it is actually an autonomous zone, something similar to Hong Kong when it comes to China. Prospera still falls under the laws of Honduras especially when it comes to the constitution and criminal laws. Source

derrick575

It's true that we shouldn't be overly optimistic and enthusiastic because of the small population of the this island that has adoption Bitcoin, it's however a win for Bitcoin, nevertheless, because they're an entity. I hope that they're able to manage the volatility of Bitcoin in their small economy. What will be a big boost for Bitcoin will be when a country with a very large population will adopt it, although I don't see that happening anytime soon.

Mark177

Oh that's cool. This is how bitcoin spreads. Not from the topdown, but growing from the ground up organically. Small towns and villages all around the world clustering around bitcoin. A couple more decades of that and bitcoin will be accepted many places around the world.