A special economic zone in Honduras, which has always been crypto-friendly, has taken a step ahead for crypto use cases by officially marking BTC as a unit of account.
Bitcoin has been officially declared a unit of account in Honduras’ Próspera, a special economic zone (SEZ). The SEZ had made BTC a legal tender a couple of years back, boosting crypto adoption. With the latest move, crypto use cases in Honduras will get more support. An official document on the order spilled the details of the SEZs policy.
Jorge Colindres, the acting manager and tax commissioner of the SEZ, said, “..we believe in the right to financial freedom and monetary freedom. People should be free to carry out transactions, do their accounting, and report taxes in the currency of their free choice.”
The new order could be a significant reason for easing rules for businesses in the SEZ. Businesses could now use Bitcoin to measure the market value of goods and services. Colindres claimed they will implement the BTC tax payment procedure later after solving a few regulatory and technical issues.
The document also detailed the tax reporting procedure for firms choosing BTC as their unit of account. Moreover, the SEZ could continue to implement similar crypto adoption measures in the future as well.
Countries like El Salvador, Brazil, and Columbia have also helped improve crypto adoption in Latin America. While El Salvador is at the forefront of the change, private firms in Brazil have also moved ahead. A bank in brazil introduced new crypto trading features in 2023.
As a result, the crypto market has also benefited from such firms introducing new features for their users. Meanwhile, the crypto market has seen huge price jumps in 2023.
On the other hand, Columbia’s efforts in developing central bank digital currencies have also become an example for other countries in the region.
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