Honduras to declare Bitcoin as a legal tender?

[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.

[1715019529]

1715019529

[1715019529]

1715019529

[1715019529]

1715019529

[1715019529]

1715019529

[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