Skip to main content

Bitcoin Becomes Legal Tender in Honduran Special Economic Zone

 

Bitcoin and other cryptocurrencies have become legal tender in a special economic zone on an island on Honduras' Caribbean coast, officials said.

The tourist-centric island - named "Honduras Prospera" - was established in 2020 to uplift investment. It has administrative, fiscal and budgetary autonomy.

"Prospera's flexible regulatory framework enables crypto-innovation and the use of Bitcoin by residents, businesses, and governments," Honduras Prospera said in a statement.

According to Reuters, the economic zone will also allow municipalities, local governments and global firms to issue bitcoin bonds from the area's jurisdiction.

Honduras Prospera covers parts of the picturesque Roatan island as well as the city of La Ceiba on Honduras' Atlantic Coast.

Meanwhile, neighbouring country El Salvador adopted bitcoin as legal tender in September last year. In doing so, El Salvador became the first country to do so even though the roll-out was bumpy and people were sceptical about it.

However, Honduras' Central Bank does not vouch for crypto transactions. The bank said in a March statement that "any transaction carried out with this type of virtual asset falls under the responsibility and risk of the person carrying it out."

In August last year, Honduras received its first crypto ATM.

Blockchain.News reported that TGU Consulting Group, a firm based in Honduras, installed the first Bitcoin ATM in an office tower in Tegucigalpa, the city and capital of Honduras.

The report added that the crypto ATM, locally dubbed "la bitcoinera," allows users to buy Bitcoin and Ethereum using “Honduran lempira,” the local currency of Honduras. Crypto users will have to scan official identification and input personal data such as phone numbers to buy cryptocurrencies through the ATM.

Source: blockchain.news

Comments

Post a Comment

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...
Post a Comment
Read more

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

  Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move  does not seem to be going over well  with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a  FAQ provided by Coinbase , for Canadian users, ...
Post a Comment
Read more

Quomodocunquize

                                       Definition:  " To make money in any way possible . ” Example:  Rather than quomodocunquizing,  invest your money wisely . Please, please, please use a hardware cold wallet like Ledger . It's  a  cold wallet ,  cold  =  not exposed  to  internet  =  only your hardware device . ...  Use Ledger  as  cold storage . Too many people spend money they earned..to buy things they don't want..to impress people that they don't like. --Will Rogers A wise person should have money in their head, but not in their heart. --Jonathan Swift Wealth consists not in having great possessions, but in having few wants. --Epictetus Money often costs too much. --Ralph Waldo Emerson Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each. --Christopher...
Post a Comment
Read more