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Bitcoin Is Formally Recognized As a Unit of Account in the Honduras Special Zone

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Próspera, a special economic zone in Roatan, Honduras, has formally acknowledged Bitcoin as a unit of account, meaning it may now be used to gauge the market worth of products and services. This development comes less than two years after the cryptocurrency was adopted as legal tender.

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On January 5, Jorge Colindres, the Próspera Zone for Employment and Economic Development (ZEDE) interim manager and tax commissioner, led the development.

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Colindres stated in a post on X (formerly Twitter) on January 7th that the goal was to provide greater financial independence to local residents and companies.

“At @ProsperaZEDE 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.”

Because of this development, the market value of different commodities and services in the Próspera zone can be determined using BTC as a monetary unit.

However, Colindres stated that it was unable to execute the “Final BTC Tax Payment Procedure” at this time, citing both external regulatory difficulties and technological constraints with its eGovernance system.

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For internal accounting purposes, Bitcoin-electing entities’ tax liabilities will be calculated in relation to BTC for the time being; nonetheless, they will report to Próspera ZEDE in US dollars or Honduran lempira.

According to Colindres, entities will declare tax liabilities to Próspera ZEDE in BTC and pay the associated amounts after the concerns are resolved.

Within 30 days of the applicable tax period, anyone wishing to use Bitcoin as their unit of account must submit a notice to the tax commission of Próspera.

According to Colindres, the notification must to make mention of a recognized cryptocurrency exchange, like Coinbase or Kraken.

The form that prospective businesses requesting to use Bitcoin as a unit of account must fill out. Source: Próspera ZEDE

In May of 2020, Próspera ZEDE was launched on the northern island of Roatan. About seven months after El Salvador, Honduras’ neighbor, legalized bitcoin nationwide in September 2021, the area also made it legal tender in April 2022.

Colindres recently called Próspera ZEDE one of the “most competitive special regime[s]” in Latin America, claiming that over the course of its three-year duration, the program had generated over $100 million in funding and more than 3,000 jobs nationwide.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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