- Bitcoin has been recognized as a unit of account in the Prospera Special Economic Zone in Honduras.
- Residents of the zone can now price goods and services in cryptocurrency.
- This initiative is seen as a way to expand financial freedom in the region, according to Tax Commissioner Jorge Colindres.
In a move to promote financial freedom, authorities in Honduras have officially designated Bitcoin as a unit of account in the Prospera Special Economic Zone. This means that businesses and individuals will be able to use Bitcoin to determine the market value of goods and services.
The Tax Commissioner, Jorge Colindres, explained that the aim of the initiative is to increase financial freedom in the region:
According to Colindres, residents of the country are currently unable to pay taxes in Bitcoin due to limitations in the e-governance system and external regulatory challenges.
It is reported that tax obligations will continue to be fulfilled in US dollars and the national currency, the Honduran lempira. However, once these issues are resolved, organizations will have the option to submit reports and pay taxes in Bitcoin, as stated by Colindres.
Bitcoin BTCThe Prospera Economic Zone is located on the island of Roatan and has significant autonomy, including its own government and legal system.
It is worth noting that in April 2022, Bitcoin and other cryptocurrencies were recognized as legal tender in Honduras, following the move made by neighboring country El Salvador.
Previously, we reported that El Salvador’s Bitcoin investments have not only been fully paid off, but also brought in $3.6 million in unrealized profits.