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A Tourist Area in Honduras Adopts Bitcoin and Other Cryptocurrencies as Legal Tender Currency

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A Tourist Area in Honduras Adopts Bitcoin and Other Cryptocurrencies as Legal Tender Currency

Prospera, a private city and a special economic zone (SEZ), in the Central American state of Honduras, adopts Bitcoin (BTC) and other cryptocurrencies as legal tender.

According to an official report, Prospera ZEDE, an enhanced Special Economic Zone, located on the Island of Roatan announced that Bitcoin and other cryptocurrencies effectively operate as legal tender within its jurisdiction. Going further, Bitcoin (BTC) can be used as a form of payment for individuals and businesses.

Bitcoin As Legal Tender In Another Central American Island

A Tourist Area in Honduras Adopts Bitcoin and Other Cryptocurrencies as Legal Tender Currency

The announcement states that the move will  likely drive economic development and help to attract more FDI opportunities in Honduras. Prospera will accept payment of taxes and fees using Bitcoin enabling residents to build crypto-focused businesses using an optimal regulatory framework. The Prospera ZEDE also announced that municipalities, local governments, and international firms can issue Bitcoin Bonds from its jurisdiction.

The Promoter and Organizer of Prospera ZEDE, Honduras Prospera Inc. (a Delaware Corp.) wrote that Prospera’s flexible regulatory framework enables crypto-innovation and the use of Bitcoin by residents, businesses, and governments. It expressed,

“Non-US companies and other political subdivisions from around the world can also issue Bitcoin Bonds through Prospera’s innovative regulatory system. In all cases, Bitcoin Bonds issued through Prospera will comply with world-class standards for AML and KYC.”

What is Prospera?

A Tourist Area in Honduras Adopts Bitcoin and Other Cryptocurrencies as Legal Tender Currency

The special economic zone, Honduras Prospera, was established in 2020 to help encourage investment in the area and has administrative, fiscal, and budgetary autonomy. This semi-autonomous zone is built on the Prospera Platform and anchored in the Honduran Constitution.The ZEDE structure allows Prospera to work with the Honduran government subject to international law to establish the jurisdiction’s semi-autonomous legal, administrative, and regulatory institutions.

The special economic zone will enable Honduran and global businesses to create and grow ventures in education, healthcare, tourism, aquaculture, and other industries. This move will also help in diversifying Roatan’s economy.

CEO of Honduras Prospera LLC, Erick A Brimen, said in an interview in 2020 that Prospera, has partnered with the Honduran Government to create a platform for prosperity, so that their people can reach their full potential. He went on to add,

“We realize that in order to do that, there’s a combination of the built environment, whether it is buildings and housing and infrastructure, plus the generally unseen world of governance, rules and security, and obviously, a healthy balance of a mixed economy for commerce to be taking place, innovation and wealth creation in general.”

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