Bitcoin approved as a unit of account in Honduras

Bitcoin approved as a unit of account in Honduras

Próspera, a special economic zone in Roatan, Honduras, has taken an important step in the interest of crypto adoption. Through official publication, the zone recognized Bitcoin as a unit of account. This means that Bitcoin can now be used to determine the market value of goods and services in the region.

Innovative leadership

Jorge Colindres, interim general manager and tax commissioner of Próspera ZEDE (Job and Economic Development Zone), announced this development on January 5. The goal is to provide more financial freedom to individuals and legal entities working at Próspera. In a post on X, he emphasized the importance of financial and monetary freedom.

Temporary limitations and future possibilities

Currently, Bitcoin cannot yet be used for the “Final BTC Tax Payment Process” due to technological limitations and external regulatory issues. However, once these issues are resolved, this will change. Currently, for internal accounting purposes, the tax liabilities of companies choosing Bitcoin are calculated against BTC, but reported in US dollars or Honduran Lempira.

Companies wishing to use Bitcoin as a unit of account must submit a report to the Próspera Tax Commission within 30 days of the relevant tax period. You should consult an approved crypto exchange such as Coinbase or Kraken.

Great importance for Bitcoin and the crypto market

This development in Honduras is an important milestone for Bitcoin and the broader crypto market. The use of Bitcoin as an official unit of account highlights the growing acceptance and integration of digital currencies into the global financial system.

These adoption steps are crucial for the growth and stabilization of the crypto market. They can lead to greater legitimacy and trust among both investors and individual users. In recent years we have seen more and more countries and regions opening up to the use of cryptocurrencies, contributing to the positive development of the price of Bitcoin and the crypto market in general. This growing acceptance bodes well for the future of digital currencies.

Source: BTC Direct

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