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Honduras officially adopted Bitcoin as a legal tender two years ago. Próspera, the private city and special economic zone on the island of Roatán in the Central American state of Honduras, revealed it now recognizes the said digital currency as a unit of account.
Prospera is part of Honduras, but it is an autonomous zone with its own private government and regulatory, fiscal, and legal systems. It is now adopting the use of Bitcoin in transactions and commerce.
The Objective of Bitcoin Adoption
According to CoinTelegraph, Jorge Colindres, the tax commissioner of Próspera, has led this new development. The official, who is also the acting manager of Próspera ZEDE (Zone for Employment and Economic Development), shared via a post on social media that their main aim for the move is to help broaden the financial and monetary freedom of the locals and businesses in the region.
As the special economic zone is now legally recognizing Bitcoin as a standard monetary unit, crypto users in the area can not use Bitcoin to measure the market value of goods and services within the territory of Propera. Finbold News further reported that this development accepts the legitimacy of Bitcoin in various commercial, tax, and financial transactions.
Furthermore, Colindres said that “People should be free to carry out transactions, do their accounting and report taxes in the currency of their free choice,” thus, Prospera ZEDE took the step of accepting the mentioned virtual currency as a unit of account.
Implementation of BTC Payment Process
Then again, it should be noted that the officials have yet to implement the “Final BTC Tax Payment Procedure.” Colindres said that although approved, they cannot enforce this at the moment due to technological limitations with Prospera’s eGovernance system as well as other external regulatory issues.
Once the Final BTC Tax Payment Procedure is fully implemented, tax liabilities will be reported in Bitcoin. Individuals or businesses will pay the equivalent amount to Próspera ZEDE in BTC cryptocurrency.
Photo by: Kanchanara/Unsplash
