I do not have any geographical information about that island and I hardly know Honduras, but I think that these islands are so small that they do not have legal currency and therefore depend on the currencies of other countries as legal currencies.
Therefore, we do not have to celebrate such news, but from what happened global adoption, especially from some countries, most of these countries will automatically adopt Bitcoin.
Topic: BITCOIN NOW A LEGAL TENDER IN SPECIAL ECONOMIC ZONE OF HONDURAS. - page 2. (Read 306 times)
April 13, 2022, 08:08:29 AM
April 12, 2022, 11:47:38 PM
I am taking this good news as another milestone for Bitcoin even if the recognition as a legal tender is just for a small economic zone under Honduras but if proven successful am sure there can be a big push to make it officially a legal tender in the entire country. Now, am sure that many maybe looking at Honduras as just another small country just like El Salvador but considering that for Bitcoin to be recognized as such is a long and winding process...I would still consider this move as a victory for BTC. Can we expect more small countries to be the ones leading the pack for Bitcoin as a legal tender? You bet and there can be more coming maybe even within 2022.
April 12, 2022, 06:49:57 PM
This indeed a good move for Honduras, due to their low income and low cost of living
Another Big move while waiting for widespread Bitcoin adoption! A good move for another developing country.
https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/
Every time I hear about the adoption of bitcoin by a state or province of a country as a legal currency, I am surprised how it will be accepted in provinces and not others and how it will be compatible with the law applicable to the rest of the provinces.Another Big move while waiting for widespread Bitcoin adoption! A good move for another developing country.
https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/
Of course, my question does not include the autonomous regions .
April 12, 2022, 06:34:39 PM
oh wow how curious this news is, less than a month ago I commented here in the forum that the BCH, the Central Bank of Honduras, clarified the doubts about rumors that the country would accept Bitcoin as legal tender.
He himself reported that
Although on the other hand regarding this, the president of Honduras Xiomanra castro considered the adoption of Bitcoin as legal tender, and from what you say I see that they have begun to do so.
"Image source: Cointelegraph"
SOURCE: https://www.investing.com/news/cryptocurrency-news/bitcoin-is-not-regulated--honduras-central-bank-pushes-back-against-legal-tender-rumors-2790751
He himself reported that
Quote
"at the moment" Bitcoin ( BTC ) was not regulated in the country and was not recognized as legal tender in many others.
Although on the other hand regarding this, the president of Honduras Xiomanra castro considered the adoption of Bitcoin as legal tender, and from what you say I see that they have begun to do so.
"Image source: Cointelegraph"
SOURCE: https://www.investing.com/news/cryptocurrency-news/bitcoin-is-not-regulated--honduras-central-bank-pushes-back-against-legal-tender-rumors-2790751
It's in Próspera which is a small island of Roatán.
I don't know how this will affect the community or Bitcoin which is the announcement that has been made. There's no doubt that this country has no gain capital tax because they're small and maybe their population there are countless. For now, let's wait for a result on the Bitcoin price if this will have an effect, because usually when there's an adoption, the Bitcoin price commonly rises up the same on El Salvador Bitcoin legal tender adoption.
I don't know how this will affect the community or Bitcoin which is the announcement that has been made. There's no doubt that this country has no gain capital tax because they're small and maybe their population there are countless. For now, let's wait for a result on the Bitcoin price if this will have an effect, because usually when there's an adoption, the Bitcoin price commonly rises up the same on El Salvador Bitcoin legal tender adoption.
Honduras have legal bitcoin last four days but still not popular and have trending news so far, I think with bitcoin still drop price but good news have another country after El Savador have adopt bitcoin as legal currency transaction early. I am waiting with bigger countries want to adopt bitcoin as legal currency transaction maybe England, Netherland and several Europe countries have bigger effect when announcing bitcoin as legal currency transaction will get impact with bitcoin price pump. All fiat transaction will realize with inflation values from their money and I think one day later have way how try to adopt and make bitcoin as legal currency transaction.
El Salvador's tourism ministry claims that they benefited a lot since the adoption of BTC as a legal tender so I guess it's not bad for Honduras to try it on a tourist-centric spot of the country.
... Bitcoin is not made a legal tender in Honduras, it is just an island in Honduras that bitcoin is made a legal tender.
That's what the "special economic zone" in the title is for. A part of the country under different economic regulation. 
Quote
Both the sale of bonds and the ability to use bitcoin as legal tender will be “undergirded by world-class anti-money laundering (AML) and know-your-customer (KYC) standards” to ensure regulatory compliance.
Clauses like this are the reason I do not get excited when governments get involved with Bitcoin. It helps Bitcoin adoption as it markets it to an entire population and the more governments do that, the more people get aware of Bitcoin. The downside is Bitcoin is run as a centralized market, where users have to submit KYC and the government's use it as a tool to track their financial tracksGovernments adopting Bitcoin is big news, but a bigger news is the citizens moving towards Bitcoin as an alternative to government backed cash. That presents a more community based approach
Honduras is the second poorest country in the LAC after Haiti. So do not be surprised if for a Caribbean island when the adoption of Bitcoin is trying to be applied as an experimental area. However, based on sources I read about the 2021 Honduras GDP hit by more severe poverty due to the Covid storm, 14%+ live on less than US$1.90/day. This is because the island adheres to its own economic system but in other words applies laws made based on the absorption of the national government's Economic Development and Manpower Zone law.
It's on reuters.
https://www.reuters.com/world/americas/honduran-special-economic-zone-adopts-bitcoin-legal-tender-2022-04-07/
I guess this is the start of the domino effect made by El Salvador. Who knows if the nearby other countries that they have are also going to adopt it. Even it's not the entire country that will adopt it as a legal tender and it's just like what Honduras did.
Well, it's still a big news.
https://www.reuters.com/world/americas/honduran-special-economic-zone-adopts-bitcoin-legal-tender-2022-04-07/
I guess this is the start of the domino effect made by El Salvador. Who knows if the nearby other countries that they have are also going to adopt it. Even it's not the entire country that will adopt it as a legal tender and it's just like what Honduras did.
Well, it's still a big news.
Try to make the thread title in lower case (small letters) just like other threads' titles, probably the reason this thread is not well respond too.
Bitcoin is not made a legal tender in Honduras, it is just an island in Honduras that bitcoin is made a legal tender. It will truly just be an experiment. Countries that have fiat of their own unlike El Salvador that spend US dollars may think otherwise to adopt bitcoin as they think people of the country can start using bitcoin more and stop depending on fiat. Hondurans spend Honduran lempira which is their local currency and the government of Hondurans might panic to make bitcoin a legal tender. Let us see what will happen, it will be good if the experiment is positive.
Bitcoin is not made a legal tender in Honduras, it is just an island in Honduras that bitcoin is made a legal tender. It will truly just be an experiment. Countries that have fiat of their own unlike El Salvador that spend US dollars may think otherwise to adopt bitcoin as they think people of the country can start using bitcoin more and stop depending on fiat. Hondurans spend Honduran lempira which is their local currency and the government of Hondurans might panic to make bitcoin a legal tender. Let us see what will happen, it will be good if the experiment is positive.
Perhaps this was considered an experiment by Honduras/the island. There's quite a history of counties that are between borders or ones near them to accept the currency of both sides so this is quite an interesting development (it might be newsworthy to see other counties nearest to el Salvador doing this as the El Salvador acceptance of crypto matures).
A Caribbean island off the northern coast of Honduras has officially recognized Bitcoin as a legal tender.
The move follows the leadof neighboring county El Salvador who sanctioned Bitcoin as a legal tender on September 7.
I see this is a great push for boost of the economic activity and foreign investment through Crypto.
Both the sale of bonds and the ability to use Bitcoin as a legal tender will be "Undergirded by World class anti-money laundering ( AML ) and Know- Your - Customer (KYC) standards to ensure regulatory Compliance.
This indeed a good move for Honduras, due to their low income and low cost of living
Another Big move while waiting for widespread Bitcoin adoption! A good move for another developing country.
https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/
The move follows the leadof neighboring county El Salvador who sanctioned Bitcoin as a legal tender on September 7.
I see this is a great push for boost of the economic activity and foreign investment through Crypto.
Both the sale of bonds and the ability to use Bitcoin as a legal tender will be "Undergirded by World class anti-money laundering ( AML ) and Know- Your - Customer (KYC) standards to ensure regulatory Compliance.
This indeed a good move for Honduras, due to their low income and low cost of living
Another Big move while waiting for widespread Bitcoin adoption! A good move for another developing country.
https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/
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