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Special Economic Zone in Honduras Adopts Bitcoin as Legal Tender

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Special Economic Zone in Honduras Adopts Bitcoin as Legal Tender

A crypto-friendly special economic zone in Honduras has adopted bitcoin as legal tender, allowing the cryptocurrency to be used to pay taxes and fees.

In addition, bitcoin bonds can be issued within its jurisdiction using “world-class standards for AML and KYC.”

Próspera, a special economic zone located on the island of Roatan in the Western Caribbean and the Northern Corridor of Honduras, announced Thursday that it had adopted bitcoin as legal tender.

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Referring to Próspera as “crypto-friendly,” the announcement details, “Bitcoin and other cryptocurrencies effectively operate as legal tender within its jurisdiction.”

“Residents and businesses in Próspera may transact using bitcoin, Honduran Lempiras, U.S. dollars, or any other currency without triggering capital gains tax liabilities on transactions.

Próspera also announced that starting Thursday, “municipalities, local governments, and international firms can issue bitcoin bonds” in its jurisdiction “to attract foreign investments.”

The special economic zone noted that bitcoin bonds issued through Próspera “will comply with world-class standards for AML [anti-money laundering] and KYC [know your customer].”

El Salvador, a neighboring country of Honduras, made bitcoin legal tender in September last year alongside the U.S. dollar. The country’s tourism has increased 30% after BTC became legal tender.

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