Honduras Prospera, an employment and economic development special zone located on the Caribbean coast of Latin America, confirmed today (8th) that it has officially recognized Bitcoin as a unit of account. BTC can now be used to measure the market value of goods and services.
Background information:
Bitcoin has entered people’s lives and the number of physical merchants accepting BTC payments increased by 300% last year.
Latin American island country Honduras is located on the Caribbean coast. The employment and economic development special zone “Próspera” announced in April 2022 that it has already recognized Bitcoin and other cryptocurrencies as legal tender. It also allows the local jurisdiction of administrative district governments, local governments, and multinational corporations to issue Bitcoin bonds.
After more than a year, Jorge Colindres, the technical and tax commissioner of Prospera Zone, confirmed earlier today (8th) that “Bitcoin has been officially recognized as a unit of account.” This means that BTC can now be used to measure the market value of goods and services. He wrote in a tweet:
The next step is to plan to pay taxes in BTC.
Jorge further explained that due to the technical limitations of the government’s digital system and some external regulatory issues, the final procedure for paying taxes in BTC cannot currently be implemented. However, once the issues are resolved, businesses will be able to report taxes to Prospera ZEDE in BTC form and pay the corresponding amounts.
Jorge recently described the Prospera Zone as one of the “most competitive special regimes” in Latin America. He stated that the regime has received over 100 million US dollars in funding and created more than 3,000 job opportunities nationwide within a three-year term.
Central America has a particularly prominent number of physical merchants accepting BTC payments. According to BTC Map information, there are currently merchants willing to accept Bitcoin payments all over the world, with the highest acceptance rate in Latin America. By 2023, there will be over 6,300 stores accepting Bitcoin payments, almost triple the number at the end of 2022.
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