Honduras to declare Bitcoin as a legal tender?

[OmegaStarScream]

Some reports also suggest that Honduras is another country that is preparing to adopt Bitcoin (BTC) as legal tender

The above links to this:

“We must not allow El Salvador to be the only country escaping dollar hegemony,” said President Castro. “Honduras has the right to move towards the First World countries.”

I'm not really sure how credible this is especially when I couldn't find the news anywhere else, however, it appears that Max Keiser has tweeted about this 3 days ago:



I'd like to hear your thoughts about this.

[LFC_Bitcoin]

It’s rumoured that an announcement will be made during the BTC conference in Miami which is in a few weeks. It was during the same event last year that Jack Mallers announced that El Salvador would be using BTC as legal tender via his Strike, Lightning app. I hope it happens any way, would be cool & another baby step on route to widespread, mainstream adoption.

[slackovic]

It would surely be great if something like that is announced. I saw that news somewhere today (I can't recall where, but I think there was a link to the same portal DigitNews.in) and it said that the president said that we are still early. I guess it means that it won't happen any time soon but it's great that other countries except El Salvador are considering adopting Bitcoin.

[DdmrDdmr]

Kaiser did indeed hint it a few days ago, and he’s likely well connected to get first hand information (another matter is whether he should point to the country before the country makes it official). The reports on the media are pointing towards today/tomorrow (I've seen both versions) being the day, but not providing any details as to why today/tomorrow should be the announcement day. I haven’t yet seen anything else on the Spanish speaking media, but it’s still early hours there.

In any case, besides the potential fact itself (yet to be seen), an important factor will reside in seeing the rules of play (i.e. their version of the Bitcoin Law), alongside the timeframe and support plan. If it becomes a reality, hopefully they’d have received a lot of information from El Salvador on their experience, helping to ease their deployment plan.

[Lucius]

“We must not allow El Salvador to be the only country escaping dollar hegemony,” said President Castro. “Honduras has the right to move towards the First World countries.”

As far as I know, the US dollar (or any other) is not the official currency in Honduras, and El Salvador has been using the US dollar as its official currency for more than 20 years - so the question is, what exactly is Mr. Castro talking about? Maybe as a neighboring country with the ES they are planning some kind of monetary union - I'm sure the guys who print digital dollars know a lot more about what's going on - Samson Mow is obviously very busy these days.

[NeuroticFish]

As far as I know, the US dollar (or any other) is not the official currency in Honduras, and El Salvador has been using the US dollar as its official currency for more than 20 years - so the question is, what exactly is Mr. Castro talking about? Maybe as a neighboring country with the ES they are planning some kind of monetary union - I'm sure the guys who print digital dollars know a lot more about what's going on - Samson Mow is obviously very busy these days.

Indeed, Lempira (HNL) is their currency. And I think that we should not pay too much attention to political declarations, instead (wait and) see what will actually be done.
On the other hand, it's very interesting that they have their own currency. Let's see how will they handle this; Honduras may become the first country with own currency that'll make Bitcoin legal tender.

Of course that afterwards Bitcoin can become the proper currency for transacting between Honduras and El Salvador, replacing US Dollar.


Edit: I've just watched this s u p e r b short movie about the first follower, I think that it worth the time:
https://twitter.com/corybates1895/status/1504927593627365379

[Slow death]

It's the first time I see this news, something very strange that all the news channels related to cryptocurrencies are not talking about it, I don't understand, they want to create laws that allow their citizens to use bitcoin and US dollar as currency in their country What would allow anyone from Honduras to buy things using bitcoin, receive salary, make loans in the country using bitcoin... or does he want bitcoin to be the only official currency of the country and replace the Lempira of Honduras? I don't understand this

[Rruchi man]

I'm not really sure how credible this is especially when I couldn't find the news anywhere else, however, it appears that Max Keiser has tweeted about this 3 days ago:

There's an old proverb that says that there is no smoke without fire, that is to say that even though you may just have seen this news not everywhere, a speculation maybe or even referenced to as a rumour for some, there is still a stroke of credibility to the news. Evaluating how El Salvador has been able to hold up and how bitcoins and crypto has created an opportunity to support the Ukrainian economy in this time of crisis with Russia, most countries will strongly revaluate their stance on crypto and bitcoins, i think these situations have greatly contributed to this decision from the Hondurian government, a productive move that other countries should quickly emulate and will be beneficial to them.

Another great news for the community if this come true, hoping to celebrate soon.

[PhoenixZephyrus]

Sure its a great idea in theory - but with El Salvador's official announcement of Bitcoin as legal tender and its subsequent adoption, we've been seeing more of what actually happens practically when these kind of ideas are implemented in a rushed manner rather than a proper phase-wise plan.

Like El Salvador, a significant percentage of Honduras' population is offline (according to surveys in Jan 2022, that number is ~44.1%), and that's definitely going to be a hindrance in terms of the mass adoption of bitcoin. People with now access to the internet/smartphones - especially older people won't be much accepting of the change.

Moreover, stuff like Bitcoin ATMs need to be implemented - at proper frequency - otherwise you end up with people having to drive ~50km just to get to ATMs, this is again something El Salvador has failed at in recent reports.

I just want to say that sure, this might be good for the mass adoption of bitcoin and stuff - but it's highly dependent on exactly how this plan is going to be implemented and how the general masses receive this info.

[PhoenixZephyrus]

According to the unconfirmed sources, Honduras may officially adopt Bitcoin by giving it a legal tender status. Honduras President, Xiomara Castro may make the announcement within hours.

Honduras may follow the steps of El Salvador in adopting  Bitcoin . The impact such news may have on BTCUSD is unclear at this stage. The focus of the crypto markets is on the upcoming regulations, which includes NFTs and possibly the metaverse.

Q4 2021 volumes have gone up or down and how much?
India's 30% tax on  cryptocurrencies  profits will commence in April. This is on top of the 1% tax deduction at source (TDS). India will tax 1% TDS on all transactions in cryptocurrencies.

Bitcoin is still looking for a direction, BTCUSD weekly chart will be shortly presented.

Related content
Lugano and El Salvador Lead Bitcoin Adoption, Others to Follow?
Mastering Forex Trading Psychology
How Will Honduras Affect Bitcoin?
In August 2021, Honduras opened the first Bitcoin ATM in the capital of Tegucigalpa by Honduran firm TGU Consulting Group. The ATM, nicknamed by the locals as 'la bitcoinera' allowed to purchase ETH and BTC using the local currency.

When El Salvador only considered adopting Bitcoin a positive reaction was seen in the markets. By paying attention to BTCUSD a tight price range is noted.

From our Directory
Crypto Trading Tools
Find out more about the list of tools to help you in your crypto trading

bitcoin chart tight range
source: btcusd weekly chart, tradingview

The war between Russia and Ukraine is also weighing on BTC. Based on current market conditions, Honduras intentions to provide Bitcoin a legal tender status may not have a significant impact on market price.

However, in the event, other countries announce this week that they may follow suit, a more substantial reaction may take place. A break above $45,535 may be required based on the weekly chart.

ADVERTISEMENT

btcusd
source: btcusd 60min chart, tradingview

BTCUSD hourly chart shows the price is 'compressed' between the support and resistance levels. As an intraday breakout materializes, BTC may choose its hourly trend.

A bearish breakout (below the blue line) may drive significantly lower than a bullish breakout (above the purple line).

Please don't blatantly plagiarize your posts
https://www.financemagnates.com/cryptocurrency/honduras-may-recognize-bitcoin-as-legal-tender-within-hours-how-will-btc-react/

You need to be providing your own thoughts and cite sources according to that if you need to. Blatantly plagiarizing website content doesn't contribute to the discussion in any meaningful way.

[Panda Bounty]

As far as I know, the US dollar (or any other) is not the official currency in Honduras, and El Salvador has been using the US dollar as its official currency for more than 20 years - so the question is, what exactly is Mr. Castro talking about? Maybe as a neighboring country with the ES they are planning some kind of monetary union - I'm sure the guys who print digital dollars know a lot more about what's going on - Samson Mow is obviously very busy these days.

Indeed, Lempira (HNL) is their currency. And I think that we should not pay too much attention to political declarations, instead (wait and) see what will actually be done.
On the other hand, it's very interesting that they have their own currency. Let's see how will they handle this; Honduras may become the first country with own currency that'll make Bitcoin legal tender.

Of course that afterwards Bitcoin can become the proper currency for transacting between Honduras and El Salvador, replacing US Dollar.


Edit: I've just watched this s u p e r b short movie about the first follower, I think that it worth the time:
https://twitter.com/corybates1895/status/1504927593627365379

I agree with you.
But there can be good side as well as bad side?

According to the unconfirmed sources, Honduras may officially adopt Bitcoin by giving it a legal tender status. Honduras President, Xiomara Castro may make the announcement within hours.

Honduras may follow the steps of El Salvador in adopting  Bitcoin . The impact such news may have on BTCUSD is unclear at this stage. The focus of the crypto markets is on the upcoming regulations, which includes NFTs and possibly the metaverse.

Q4 2021 volumes have gone up or down and how much?
India's 30% tax on  cryptocurrencies  profits will commence in April. This is on top of the 1% tax deduction at source (TDS). India will tax 1% TDS on all transactions in cryptocurrencies.

Bitcoin is still looking for a direction, BTCUSD weekly chart will be shortly presented.

Related content
Lugano and El Salvador Lead Bitcoin Adoption, Others to Follow?
Mastering Forex Trading Psychology
How Will Honduras Affect Bitcoin?
In August 2021, Honduras opened the first Bitcoin ATM in the capital of Tegucigalpa by Honduran firm TGU Consulting Group. The ATM, nicknamed by the locals as 'la bitcoinera' allowed to purchase ETH and BTC using the local currency.

When El Salvador only considered adopting Bitcoin a positive reaction was seen in the markets. By paying attention to BTCUSD a tight price range is noted.

From our Directory
Crypto Trading Tools
Find out more about the list of tools to help you in your crypto trading

bitcoin chart tight range
source: btcusd weekly chart, tradingview

The war between Russia and Ukraine is also weighing on BTC. Based on current market conditions, Honduras intentions to provide Bitcoin a legal tender status may not have a significant impact on market price.

However, in the event, other countries announce this week that they may follow suit, a more substantial reaction may take place. A break above $45,535 may be required based on the weekly chart.

ADVERTISEMENT

btcusd
source: btcusd 60min chart, tradingview

BTCUSD hourly chart shows the price is 'compressed' between the support and resistance levels. As an intraday breakout materializes, BTC may choose its hourly trend.

A bearish breakout (below the blue line) may drive significantly lower than a bullish breakout (above the purple line).

Please don't blatantly plagiarize your posts
https://www.financemagnates.com/cryptocurrency/honduras-may-recognize-bitcoin-as-legal-tender-within-hours-how-will-btc-react/

You need to be providing your own thoughts and cite sources according to that if you need to. Blatantly plagiarizing website content doesn't contribute to the discussion in any meaningful way.

I'm extremely sorry for that,
Next time i will trying my best.😔

[usekevin]

It was an another good news for the traders who had invested in crypto currency. On one side Ukraine had started to use of crypto currency for the transaction. On the another side, this announcement. Two positive news gonna pump the price of bitcoin.When the price of bitcoin had increased, the same will be reflected on the other altcoins. Honduras also had good amount of investors in cryptocurrency.

[livingfree]

There's already a news about it.

Honduras May Recognize Bitcoin as Legal Tender within Hours, How Will BTC React?

And upon searching, I'm surprised to see that there are other rumors with another country that's likely to adopt bitcoin as a legal tender. The rumor is with Malaysia.

Malaysia May Be the Next Country to Make Bitcoin Legal Tender

Malaysian comms official calls on the state to legalize crypto and NFTs

It may still have a different understanding about being a legal tender and legalizing crypto into their country.

[CaVO32]

There's already a news about it.

Honduras May Recognize Bitcoin as Legal Tender within Hours, How Will BTC React?

And upon searching, I'm surprised to see that there are other rumors with another country that's likely to adopt bitcoin as a legal tender. The rumor is with Malaysia.

Malaysia May Be the Next Country to Make Bitcoin Legal Tender

Malaysian comms official calls on the state to legalize crypto and NFTs

It may still have a different understanding about being a legal tender and legalizing crypto into their country.

The more of them, why not? Much better for bitcoin market, right? The more adoption that we have, the better for the demand of bitcoin. They may have seen the impact of this initiative from El Salvador, so they are inspired to what approach they want towards bitcoin. But hopefully, they also studied this market before following other's path, as they will be disappointed if they are expecting something that crypto can't cater outright. So let's see which country will indeed follow El Salvador's footsteps...

[Vaskiy]

Small countries were slowly making themselves into the cryptospace. Now Honduras is on preparation, and Malaysia seems to the next on the list. Honduras have got small population and this makes it easy to adopt against the large countries. With just around 10 million population making arrangements is an easy thing. Honduras is more courageous than El Salvador, because it have got its own national currency lempira.

[verita1]

I think it will happen in a few hours. Honduras is a country very close to El Salvador and the influence is high. As OP points out, the rumor comes after Max Keizer tweeted "It's happening" next to the Honduran flag.

The announcement may be official by the President of Honduras Xiomara Castro. She has stated that Honduras can also free itself from the hegemony of the dollar. It is pleasing to see how governments accept that with Bitcoin they can aspire to enjoy the benefits that decentralization brings.

https://www.financemagnates.com/cryptocurrency/honduras-may-recognize-bitcoin-as-legal-tender-within-hours-how-will-btc-react/

[henmark]

I do believe that there will be more nations that turn bitcoin into legal tender for sure. It will not happen very quickly, and I do not know if Honduras is the next one but I know that it will definitely happen. Why do I know this? Because the moment bitcoin becomes 100k, El Salvador will become a richer nation.

Maybe you think that the USA with 20+ trillion dollars is the usual situation, or even your nation may have hundreds of billions of dollars worth of debt, but these nations have little money and little debt.

Meaning if they invest into bitcoin, like let's say 500 million dollars, and get 5+ billion dollars back, even if they do not use it, that is money that they can leverage into making more in the future, even easier to get loans to get your nation better. Other smaller nations will see El Salvador getting rich this way and they will want to replicate the results by doing the same thing.

[stompix]

As far as I know, the US dollar (or any other) is not the official currency in Honduras, and El Salvador has been using the US dollar as its official currency for more than 20 years - so the question is, what exactly is Mr. Castro talking about?

The blame game, leftist mandatory reasoning!
When you can't run your country the right way you need to find a culprit for it and rather than looking in the mirror, so you can start with the petrodollar, the Illuminati, the NWO, and of course personal issues, she's angry that the US didn't intervene military but only diplomatically when her husband was ousted a decade ago.

That aside, I see the price jumped 5% and we're on a 10% uptrend for 7 days but the jump is not really related to the old news so did this thing happen? I can't find any source for confirmation, it was supposed to happen in a few hours but it's already midnight there.
Nothing in the honduras papers:
elperiodico, latribuna ,elheraldo.

So, who is the culprit?

[davis196]

This might be fake news,but even if it's true,then so what?
Another small underdeveloped country accepting Bitcoin as a legal tender.Is this a reason for the Bitcoin community to celebrate?It's not like the USA or China adopted Bitcoin as legal tender.
I'm not saying that it's necessarily bad,that small underdeveloped countries are more Bitcoin-friendly than the big developed countries.Maybe the so called "third world" will be the main place,where Bitcoin/blockchain technology will thrive in the next few decades.Who knows?
The problem is that many underdeveloped countries can't afford cheap electricity,so that more crypto miners will move their business there.

[Kakmakr]

I do not know if this is just a repeat article of previous news, but this was posted an hour ago :
https://techstory.in/honduras-may-announce-the-legalization-of-bitcoin/

The lempira (their local currency) was introduced in 1931, replacing the peso. The Bank of Honduras and the Banco Atlantida issued the first lempira banknotes in 1932.  Source : https://en.wikipedia.org/wiki/Honduran_lempira

So it's a relative young Fiat currency, compared to other currencies like the US Dollar (1862) or the UK Pound that was first circulated in 1694.

[Lucius]

That aside, I see the price jumped 5% and we're on a 10% uptrend for 7 days but the jump is not really related to the old news so did this thing happen? I can't find any source for confirmation, it was supposed to happen in a few hours but it's already midnight there.

If there is nothing we do not know, then the market has reacted to the news about Honduras and Malaysia, although it is still only unconfirmed rumors about Honduras, and Malaysia is currently a desolate wish of a less important politician. However, as it seems from some previous news, interest in Bitcoin, but also other altcoins in Honduras is present - and last year the first crypto ATM is placed.

Given the remittances coming from the US each year ($5.7 billion - 2020), perhaps the Honduran president thought Bitcoins would be arriving in the country instead of $.

Many software developers in Honduras are already paid in cryptocurrencies, Mayen said, adding that it will also be a cheaper option to send remittances.
In 2020, Hondurans living abroad - mainly the United States - sent $5.7 billion, about 20% of the country's gross domestic product (GDP), in remittances.

[Erumo]

Honduras is going to race with El Salvador now. Who is going to have more Bitcoin, who is going to use them more wisely or what Bitcoin connected innovation they will announce or release. There is already one pros for Honduras - they can copy El Salvador experience and do better.

P.S. gonna check if president of Honduras follows Bukele's twitter

[yazher]

I hope it will become successful as El Salvador does when they were first started to legalized bitcoin in their country. Now we have this rumor and there is no reason for them to release such news if it's not real because Honduras is not a big-time country and rumor to accept bitcoins as legal tender is just a small thing but it will become a real deal if they start this year because we've been waiting for the next country to support after El Salvador and I'm sure not only their country will earn popularity, they will also become loved by the crypto industry.

[DdmrDdmr]

I give up for today, trying to scout for news on the so far no new. I’ve gone over local Honduran media for a while now, and there is no such thing as a hint there – not even in light of the event being announced on the crypto media. @Keiser may well be on to something through his contacts, but it’s weird that there is no anticipation over the country’s local media whatsoever.

Many of yesterday’s/today’s crypto media reference their source as being Digit News. I therefore presume it being this article:
https://digitnews.in/the-president-of-honduras-may-announce-the-legalization-of-bitcoin-in-the-country-tomorrow/

Now the above article does not come across as bearing a content close enough to the horse’s mouth to make it the golden nugget of credibility for these news.

Having said that, I’ll remain waiting in hope of being outsmarted by laser eyes on Castro’s Twitter profile over the next hours … (I read another non-sourced comment stating that that would be the sign …)

[darkangel11]

If they do it - great. Poor countries with nothing to lose seem to be the first to dip their toes. I just hope they won't go bankrupt and blame bitcoin

So, who is the culprit?

That Korean altcoiner who bought 100m USD worth of bitcoin to back his altcoin. I'm prety sure it had more impact on the price than the unconfirmed Honduras news.

[Ale88]

I'd like to hear your thoughts about this.

Is there anyone with negative thoughts? I don't think so, I guess we all agree it's another huge step for bitcoin! Before El Salvador, now (hopefully) Honduras, soon other countries will follow and it's gonna be very interesting to see when we're gonna have the first very important country actually use bitcoin. Switzerland could be one, but I'm already dreaming too much, I'd be happy to see Paraguay, Panana, Costa Rica for example be added to the list.

[worle1bm]

This might be fake news,but even if it's true,then so what?
Another small underdeveloped country accepting Bitcoin as a legal tender.Is this a reason for the Bitcoin community to celebrate?It's not like the USA or China adopted Bitcoin as legal tender.
I'm not saying that it's necessarily bad,that small underdeveloped countries are more Bitcoin-friendly than the big developed countries.Maybe the so called "third world" will be the main place,where Bitcoin/blockchain technology will thrive in the next few decades.Who knows?
The problem is that many underdeveloped countries can't afford cheap electricity,so that more crypto miners will move their business there.

The third world countries accepting bitcoin might not give prices big boost but only little ant pumps could come on which we can't celebrate but the actual happiness is the world accepting the fact that by adopting it as legal tender they can improve their economy is good approach to see it.The USA will also be putting the regulations to accept it but taking small steps to ladder also counts man.

[bittraffic]

I give up for today, trying to scout for news on the so far no new. I’ve gone over local Honduran media for a while now, and there is no such thing as a hint there – not even in light of the event being announced on the crypto media. @Keiser may well be on to something through his contacts, but it’s weird that there is no anticipation over the country’s local media whatsoever.

Many of yesterday’s/today’s crypto media reference their source as being Digit News. I therefore presume it being this article:
https://digitnews.in/the-president-of-honduras-may-announce-the-legalization-of-bitcoin-in-the-country-tomorrow/

Now the above article does not come across as bearing a content close enough to the horse’s mouth to make it the golden nugget of credibility for these news.

Having said that, I’ll remain waiting in hope of being outsmarted by laser eyes on Castro’s Twitter profile over the next hours … (I read another non-sourced comment stating that that would be the sign …)

I think we can confirm all these on Bitcoin 2022 | Miami Beach conference just like the day when Bukele announced his actions. It will also be like what he did so Castro may likely be in the conference or will just send a video for it. I think it will also be legislated quickly. So far we can't yet see any confirmation.

There are many countries citing to legally adopt BTC only a few leaders had vocally expressed it on their social media accounts. Only a few are willing to gamble their political career.

Max Keiser had been roaming in Latn countries spreading the word of crypto actually, I once saw him in some gathering. Seem dipping his toes into politics.

[molsewid]

The third world countries accepting bitcoin might not give prices big boost but only little ant pumps could come on which we can't celebrate but the actual happiness is the world accepting the fact that by adopting it as legal tender they can improve their economy is good approach to see it.The USA will also be putting the regulations to accept it but taking small steps to ladder also counts man.

We might gonna say that the countries that are open-minded to adopt bitcoin as a legal tender are those underdeveloped countries, it might not be going to affect greatly the price or may cause pump the price but the thought that there's a country or government body believes in the existence of bitcoin and believes to the worth value of cryptocurrencies for me it is quite enough to consider that crypto is now accepted by the world. I am still optimistic that those big countries will soon to adopt bitcoin also.

[DdmrDdmr]

The BCH (Central Bank of Honduras), in light of the circulating rumours of BTC becoming legal tender in the country, has made a press release stating essentially that, under the current laws of the country, BTC is not being considered to become legal tender in the country. Moreover, they state that they are considering creating their own CBCD.

The press release doesn’t really explicitly and categorically state that BTC won’t become legal tender, but rather it states what is legal currency there (the Lempia), what it is under consideration (CBDC), and which is the only entity which can issue legal tender in the country (them, the BCH).

I presume that it’s not one of those situations where the left hand doesn’t know what the right hand is doing, and that’s it, at least for now …


See:
https://www-criptonoticias-com.translate.goog/comunidad/adopcion/banco-central-honduras-desmiente-adopcion-bitcoin-como-moneda-curso-legal/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

(In Spanish) BCH statement

[jaberwock]

I'd like to hear your thoughts about this.

Is there anyone with negative thoughts? I don't think so, I guess we all agree it's another huge step for bitcoin! Before El Salvador, now (hopefully) Honduras, soon other countries will follow and it's gonna be very interesting to see when we're gonna have the first very important country actually use bitcoin. Switzerland could be one, but I'm already dreaming too much, I'd be happy to see Paraguay, Panana, Costa Rica for example be added to the list.

At first we think it was good news but there could be consequences that a country could face like what happened last time to El Salvador which said the country is in debt by the time bitcoin dumped a lot. Making bitcoin a legal tender seems not easy as we think but the country's economy will now depend on bitcoin other than fiat once they pass the bill.

If I am not mistaken you can now use your bitcoins directly on paying tax, on transport, and other public service in some parts of Switzerland and in USA but they did not made an announcement about making bitcoin as legal tender, maybe because the use of btc is only limited for now. Let's hope they continue to widen it and of course other countries should follow it too.

[Leo]

I dont see any reason why there is lots of criticism about Honduras accepting bitcoin, that's if the rumour is true, although they are a small country, the news might make a little impact to the market but I believe this is a good achievement regardless of if its an underdeveloped nation

[omone1]

If confirmed, this will be a good step forward, nations will decide their sovereign financial direction rather than just sit there and cry to IMF and world bank that keep them in perpetual debt. I wish African nations and put sentiment outside and adopt bitcoin as a legal tender especially those Francophone nations that are financially indebted to France.

[romero121]

The BCH (Central Bank of Honduras), in light of the circulating rumours of BTC becoming legal tender in the country, has made a press release stating essentially that, under the current laws of the country, BTC is not being considered to become legal tender in the country. Moreover, they state that they are considering creating their own CBCD.

In most countries CBDC is getting developed. Malaysia is on the list. Yesterday there were news citing Malaysia will be the next to consider bitcoin legal tender. Today the finance minister have given statement on it. Malaysia is not going to consider bitcoin and other cryptocurrencies as legal tender considering its limitations. The limitations mentioned were the security concern and the volatility of the market.

Malaysia is not gonna follow El Salvador and the country is part of the Project Dunbar. The project is testing central banks digital currencies (CDBC).

The Reserve Bank of Australia (RBA), Bank Negara Malaysia (BNM), the Monetary Authority of Singapore (MAS) and the South African Reserve Bank (the Bank) were part of the project. It aims in improving cross border payments through digital currencies making transactions cheaper, faster and secure.

[fuguebtc]

This might be fake news,but even if it's true,then so what?
Another small underdeveloped country accepting Bitcoin as a legal tender.Is this a reason for the Bitcoin community to celebrate?It's not like the USA or China adopted Bitcoin as legal tender.

It doesn't make you happy is it because it can't make bitcoin price go up because of that news?

When one more person or organization accepts bitcoin, i think that's also a bitcoin success. This is a country, although the 3rd world countries are small and do not have a voice in the world economy like the great powers, but this is a good thing we should be proud of and proud of for bitcoin.
What will happen when all the small, underdeveloped countries of the world accept bitcoin as legal tender?. I think it won't be small anymore. The world is full of surprises so don't look down on anyone, as China is increasingly becoming the world center in place of the US.

[titular]

I've posted this before and I'll post it again.

It would be great news to see another country adopt bitcoin as legal tender. As long as they are transparent about what they are doing. The people need to have a choice in this matter. As many have expressed in the past, the way El Salvador processed it's groundbreaking legal tender law was shady to some degree. I think had the people been aware of this move and by extension given a choice, El Salvador would never have drawn this criticism.

Either way, it would be incredible news to know another country is treating bitcoin as legal tender.

[stompix]

The BCH (Central Bank of Honduras), in light of the circulating rumours of BTC becoming legal tender in the country, has made a press release stating essentially that, under the current laws of the country, BTC is not being considered to become legal tender in the country.

Today the finance minister have given statement on it. Malaysia is not going to consider bitcoin and other cryptocurrencies as legal tender considering its limitations. The limitations mentioned were the security concern and the volatility of the market.

Hmm, so let's make a brief summary
- Rumors about Honduras making BTC legal tender - Proven ake!
- Rumors about Malaysia making BTC legal tender - Proven fake!
- Rumors about Russia accepting bitcoin for oil, not confirmed and most likely fake!
- Salvador's claims of over subscription turned into let's postpone this because of market conditions!

BTC Goes up 6% in price!

That's why I stay out of trading, things don't make any sense when we have confirmed good news the price goes down, when we have fake rumors (like Amazon) we go up even two days later.

[NeuroticFish]

- Rumors about Russia accepting bitcoin for oil, not confirmed and most likely fake!

I've just read a post telling that Iran has been doing this for years, and partly with Russia.
Of course, it's a bit strange that they've decide to tell this loudly now, when they could have been continuing to do it without drawing extra attention.

BTC Goes up 6% in price!
That's why I stay out of trading, things don't make any sense when we have confirmed good news the price goes down, when we have fake rumors (like Amazon) we go up even two days later.

Buy the rumor, sell the news!
Actually the same was about the ETF rumors. Some speculators pumped the price a couple of times just because the market had certain expectations.
(And yes, I agree with staying out of trading in this strangely turbulent market.)

[RealMalatesta]

At first we think it was good news but there could be consequences that a country could face like what happened last time to El Salvador which said the country is in debt by the time bitcoin dumped a lot. Making bitcoin a legal tender seems not easy as we think but the country's economy will now depend on bitcoin other than fiat once they pass the bill.

If I am not mistaken you can now use your bitcoins directly on paying tax, on transport, and other public service in some parts of Switzerland and in USA but they did not made an announcement about making bitcoin as legal tender, maybe because the use of btc is only limited for now. Let's hope they continue to widen it and of course other countries should follow it too.

They were not rich before they adopted bitcoin, hence them being in trouble is not a big news. El Salvador did not become a poor nation because they invested into bitcoin, they were already a poor nation and they are spending the money into bitcoin purchases instead of helping the poor people, and that was seen as a bad thing.

But, so far they have done all they could to help people and corruption usually prevented that, this way they are at least trying their best to get richer, if bitcoin does 10x, that would mean the nation would do a lot better. This is why I believe that poor nations could definitely use crypto as a way to make some profit and use that to help their country, it wouldn't hurt them since they are already poor.

[Ale88]

If I am not mistaken you can now use your bitcoins directly on paying tax, on transport, and other public service in some parts of Switzerland and in USA but they did not made an announcement about making bitcoin as legal tender, maybe because the use of btc is only limited for now. Let's hope they continue to widen it and of course other countries should follow it too.

You're absolutely right, you can already pay taxes in bitcoin in Arizona, and check out what Lugano (in Switzerland) is doing about bitcoin 

Regarding the US now also Texas and Florida are very open to use bitcoin, and also New York's mayor decided to get his first salaries in bitcoin. It's spreading guys 

[adzino]

They do know that if they adopt early, they will have an early bird advantage when bitcoin becomes mainstream and all other countries starts making it a legal tender. It will be easier for them and their people to work with bitcoin while the reset will still be learning. Even though it is a rumor, it still gives hope to people.

I dont see any reason why there is lots of criticism about Honduras accepting bitcoin, that's if the rumour is true, although they are a small country, the news might make a little impact to the market but I believe this is a good achievement regardless of if its an underdeveloped nation

Doesn't matter if it is a small or a big country. What matters is that they will make it a legal tender and eventually other country will follow their steps.

[bittraffic]

They do know that if they adopt early, they will have an early bird advantage when bitcoin becomes mainstream and all other countries starts making it a legal tender. It will be easier for them and their people to work with bitcoin while the reset will still be learning. Even though it is a rumor, it still gives hope to people.

I dont see any reason why there is lots of criticism about Honduras accepting bitcoin, that's if the rumour is true, although they are a small country, the news might make a little impact to the market but I believe this is a good achievement regardless of if its an underdeveloped nation

Doesn't matter if it is a small or a big country. What matters is that they will make it a legal tender and eventually other country will follow their steps.

Its still early to adopt BTC as legal tender. Blockchain is just more than 10 years, they shouldn't wait for it to go more than 5 decades before going all in because several county in US already are adopting.

El Salvador is also a small country. Its a testing ground for adoption of cryptocurrency which if they mess up, its easier to fix because after all its just a small country. El Salvador it self is an experiment still and its close to having a success.

[Webetcoins]

I really hope they do, if they do this and then both Honduras and El Salvador ends up paying for al ot of stuff with these bitcoin earnings they will have, that will actually provide a big proof to whole world that the new reserve currency of the world should be bitcoin and stop using dollars. I am not saying that dollars are bad, but bitcoin is pegged to dollars anyway and usually goes up in the long run.

So, not only you are investing into something with dollar pegged, but you are also increasing more than what dollars would have increased. It is certainly a great way to approach crypto world and even bigger nations may soon start to do this.

[qwertyup23]

It’s rumoured that an announcement will be made during the BTC conference in Miami which is in a few weeks. It was during the same event last year that Jack Mallers announced that El Salvador would be using BTC as legal tender via his Strike, Lightning app. I hope it happens any way, would be cool & another baby step on route to widespread, mainstream adoption.

It is truly fascinating to see where countries slowly adapt and realize the importance of having cryptocurrencies integrate into their financial system. Since these countries are starting to view BTC as legal tender, then its citizens can demand something be paid (as debt or as wage) using BTCs.

This will truly benefit BTC in the long-run given its inflationary value and nature. With this kind of development, we can expect its price to somehow increase in the following weeks given this kind of development. I hope more countries again would soon realize and follow this innovation!

[LeGaulois]

Guys, I don't know if you realize that it was just a rumor coming from Twitter. If you start to listen to rumors on social networks, you will believe the end of the world is coming to the next week and Santa is real.

Nor the central bank or the presidency has said something about it, not even a single word that could give people hope.
And to make it clear, just hours after the allegations began the central bank of the country published a paper to clarify the rumor (you can read it here). Resume: No, they are not interested in Bitcoin, in fact they talk about CBDC, not any crypto.

As soon as it talks about digital currency, people conclude directly with bitcoin. And since the country is close to El Salvador, it can only be that.
Now it is clear that people have overestimated a little too much what remains I repeat: a rumor. The article posted in the original post has even been removed

a brief quote of the press release:

4. We reiterate that the BCH, considering the importance of the adoption of technological innovation for the offering of payment and financial services, continues with the study and conceptual, technical and legal analysis in order to determine the feasibility of issuing a
central bank digital currency (Central Bank Digital Currency -CBDC-, for its acronym in Spanish).
Currency -CBDC-, which has the characteristic of being recognized as legal tender in the recognized as legal tender in the country and therefore regulated and backed by the BCH.

final word: go out, there is nothing to see.

and as a reminder

Bitcoin for the moment in our country is not regulated (...) BCH does not supervise or guarantee transactions made with cryptocurrencies as a means of payment on the national territory

[LUCKMCFLY]

I have not clearly seen what can actually happen, according to Xiomara Castro, the president of Honduras has that option on the table, but it is not that she has made the effort to accept it, it would be a good thing because the economy of that country needs it , there are many Hondurans leaving that country for the USA and another country to seek a better life.

However, seeing the numbers of benefits of BITCOIN as they have in El Salvador, it could be said that they are superior to those they handle, a Central American country like El Salvador and Honduras would be an example for the whole world with BTC as local currency.

[19Nov16]

More and more countries are declarations to legalize bitcoin, bitcoin has passed the benefits and hard tests, massive attacks and FUDs that have been banned from many countries have not killed the community, but continue to grow significantly, even FUDs in various media have become campaigns that make people curious and interested to try to invest in bitcoin so that bitcoin deserves to be a winner and is accepted globally.