Bitcoin has been acknowledged as a unit of account within Honduras’s Zone for Employment and Economic Development (ZEDE). This recognition permits the use of BTC to evaluate the market value of goods and services.
The authorities of Próspera, the special economic zone in Honduras, have officially adopted Bitcoin as a unit of account. Jorge Colindres, Tax Commissioner and Acting Manager of ZEDE, provided this confirmation. According to Colindres, this move aims to grant more financial freedom to individuals and businesses operating within the region.
Residents of Próspera can now conduct transactions, maintain accounting records, and avail themselves of tax deductions in BTC. Furthermore, Bitcoin can serve as a monetary unit for assessing the market value of various goods and services within the ZEDE jurisdiction, situated on Roatán Island.
Regarding taxation, the local e-governance system still has certain limitations. Organizations opting for BTC will have their tax obligations calculated based on the cryptocurrency’s value concerning the U.S. dollar or the Honduras lempira. Efforts are underway to enable direct tax payments in BTC in the future.
Established in May 2020, Próspera ZEDE free economic zone approved BTC as legal tender in April 2022. Subsequently, in September of the same year, Bitcoin Valley, a cryptocurrency project, was launched in Honduras. Over 60 local businesses in Santa Lucia integrated BTC payments for their goods and services as part of this initiative.
