Honduran Special Economic Zone Adopts Bitcoin as Legal Tender | Investing News

TEGUCIGALPA (Reuters) – A distinctive financial zone on a tourist-centric island on Honduras’ Caribbean coastline has adopted bitcoin and other cryptocurrencies as authorized tender, officials of the zone said on Thursday.

Known as “Honduras Prospera,” the specific zone was recognized in 2020 to aid persuade financial commitment, and has administrative, fiscal and budgetary autonomy.

“Prospera’s versatile regulatory framework enables crypto-innovation and the use of Bitcoin by citizens, corporations, and governments,” Honduras Prospera said in a statement.

The economic zone will also enable municipalities, community governments and intercontinental firms issue bitcoin bonds from the area’s jurisdiction.

Honduras Prospera handles areas of the picturesque Roatan island as nicely as the town of La Ceiba on Honduras’ Atlantic Coastline.

Neighboring place El Salvador adopted bitcoin as lawful tender in September, the first country in the globe to do so, whilst the roll-out was bumpy and mired in general public skepticism.

In Honduras, the Central Financial institution has reported it cannot vouch for cryptocurrency transactions.

“Any transaction carried out with this sort of virtual asset falls under the responsibility and chance of the particular person carrying it out,” the financial institution mentioned in a March assertion sent in reaction to queries on Thursday.

(Reporting by Gustavo Palencia in Tegucigalpa Producing by Valentine Hilaire Modifying by Matthew Lewis)

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