- CNBS has implemented a ban on banks in Honduras storing and conducting transactions with crypto assets.
- Due to the perceived risks, the Central Bank of Honduras cannot ensure the security of digital asset transactions.
- The resolution emphasizes that blockchain technologies are vulnerable to fraud and encompass high risks.
In a recent announcement, the National Banking and Securities Commission of Honduras (CNBS) has declared a prohibition on the possession and utilization of crypto assets.
According to the CNBS, blockchain technologies are susceptible to fraudulent activities, as well as operational and legal hazards. Users of crypto assets may encounter unexpected disruptions in fund transfers and transactions, as stated by CNBS representatives.
The resolution further indicates that the Central Bank of Honduras is unable to guarantee the safety of such transactions. Moreover, the Commission highlights that due to the unregulated nature of the cryptocurrency industry, digital assets are often exploited for illicit activities like terrorism financing and money laundering.
In addition to the ban on holding and trading, regulated entities are also prohibited from engaging in derivative transactions involving crypto assets.
“The resolution prohibits institutions under the supervision of the National Banking and Securities Commission from holding, investing in, brokering, or transacting with cryptocurrencies, crypto assets, virtual currencies, tokens, or any other similar virtual assets.”
This document was officially issued on February 15, 2024, and is effective immediately.
It is important to note that we previously reported that Bitcoin was recognized as a unit of account in the economic zone of Honduras.