Bitcoin Recognised as a Unit of Account in Honduras

The Próspera economic zone in Honduras has officially recognised bitcoin as a unit of account. This means businesses and residents can set prices for goods and services in the digital currency.

En @ProsperaZEDE creemos en el derecho a la libertad financiera y la libertad monetaria. Las personas deben ser libres de realizar transacciones, llevar su contabilidad y reportar impuestos en la moneda de su libre elección. #Honduras #BTC https://t.co/nlaFLtheRL

— Jorge Colindres (@GeorgeColindres) January 7, 2024

The initiative will expand financial freedom for individuals and businesses in the region, according to the jurisdiction’s tax commissioner, Jorge Colindres.

“In ProsperaZEDE […] people should be free to conduct transactions, keep accounts, and report taxes in the currency of their choice,” the official stated.

According to Colindres, residents have not yet been able to pay taxes in bitcoin. He cited limitations of the e-government system and several external regulatory issues. Obligations will be fulfilled in US dollars or Honduran lempira.

Próspera, as a charter city, is located on the island of Roatan and enjoys significant autonomy, including private governance and its own fiscal, regulatory, and legal systems.

In April 2022, the authorities of the economic zone recognised bitcoin and other cryptocurrencies as legal tender.

Later, the municipality of Santa Lucia in Honduras integrated digital currency payments to attract tourists from around the world.