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.