BITCOIN NOW A LEGAL TENDER IN SPECIAL ECONOMIC ZONE OF HONDURAS.

[Tony116]

Honduras have legal bitcoin last four days but still not popular and have trending news so far, I think with bitcoin still drop price but good news have another country after El Savador have adopt bitcoin as legal currency transaction early. I am waiting with bigger countries want to adopt bitcoin as legal currency transaction maybe England, Netherland and several Europe countries have bigger effect when announcing bitcoin as legal currency transaction will get impact with bitcoin price pump. All fiat transaction will realize with inflation values from their money and I think one day later have way how try to adopt and make bitcoin as legal currency transaction.

They are also a small country and don't have much influence so don't expect prices to be affected by this news, but I feel very happy that bitcoin is more and more accepted by countries. No matter how big or small a country is, every time a country accepts bitcoin it is a real success for bitcoin and cryptos. We should be excited instead of waiting for a price increase to be disappointed. EU countries are acting unfriendly towards bitcoin so for me, I don't expect anything from them.

[romero121]

Prospera, special economic zone in the island of Roatán. The total population of Roatán is around 110k - 120k. Among that special economic zone Prospera will be having lesser population.

This special economic zone being created as a concept by Paul Romer to form autonomous zone with private government. Now the area is subject to the national government’s Zone for Employment and Economic Development law. As an attempt to boost investment and employment opportunities in largely uninhabited parts of the country cryptocurrency acceptance is encouraged.

As a very small population is involved the impact on the market isn't experienced much. But, the adoption is really appreciable.

[Charles-Tim]

I believe you guys misunderstand the OP statement the topic says " BTC is now legal tender in a specific economic zone of Honduras" so it already stated that it's not Honduras as a whole.

Wouldn't bother bringing this up if I have seen that much earlier, anyways thanks, you're observant than I'm .

Maybe I should quote a statement from the OP

This indeed a good move for Honduras, due to their low income and low cost of living

But, yet, nobody is misunderstanding the OP, but emphasizing again on the fact that bitcoin was made legal tender in just an island in Honduras and how it can just be an experiment and how it might not spread to the whole of Honduras as they have fiat they are spending unlike El Salvador that do not have its own fiat but spending US dollar. If I did not begin with that, then how would I bring up such ending.

[Dunamisx]

A Caribbean island off the northern coast of Honduras has officially recognized bitcoin as legal tender.https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/

Even though the region said to have made this development of the use of bitcoin as a legal tender is alongside with other cryptos and  is just within it confined zone and not in the  entire Honduras, i begin to see the developing countries maximizing the opportunity of making bitcoin a legal tender in other to help boost their economy thereby reducing the rate of poverty an unemployment in their countries, in this regard, the adoption is limited to that region only and not the entire country and I think it yet to be a big catch but nevertheless a good start.

[Nerdy doctor]

This is just the beginning of the gradual adoption of bitcoin worldwide. The world already knows bitcoin can't be ignored anymore but are reluctant to change. But change is constant and we've got to adapt or get left behind. We've ignored btc for far too long but not anymore

[kryptqnick]

It's good that there's another place of Earth that is Bitcoin-friendly, but I think that comparing it to El Salvador isn't very accurate. What's big about El Salvador is that it's a whole country, adopting Bitcoin on all its territory. But in Honduras, it's in a special economic zone, and I think that there've been multiple places around the world where cryptos are locally adopted, and it's normally a place with a high degree of economic autonomy or a tax-free zone.
So I'm not surprised that there was no price boost, following this news, and that it went relatively unnoticed overall.

[justdimin]

A Caribbean island off the northern coast of Honduras has officially recognized bitcoin as legal tender.https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/

Even though the region said to have made this development of the use of bitcoin as a legal tender is alongside with other cryptos and  is just within it confined zone and not in the  entire Honduras, i begin to see the developing countries maximizing the opportunity of making bitcoin a legal tender in other to help boost their economy thereby reducing the rate of poverty an unemployment in their countries, in this regard, the adoption is limited to that region only and not the entire country and I think it yet to be a big catch but nevertheless a good start.

It doesn't matter where it is, even a piece of land would be fine, just one piece of land enough to build a house would be enough. Why? Because that way crypto companies could show that place as their main headquarters, it wouldn't actually be there, but the officially it would look like it's there.

It is a legal loophole, you could have just one mailbox in a building, you could literally have a whole building consisting of bunch of mailboxes inside without any rooms at all, and tens of thousands of companies could show their headquarters there this way. It would allow them to build crypto companies in a legal tender zone and would allow them to grow bigger.

[worle1bm]

It's good to see the world adopting btc and following the El Salvador path and soon more parts of the world will be following the same route.Have already heard about the rumours of Honduras finalising the bill to adopt btc and now they have come up with this news.The adoption initiative had begun from SEZ and are ther are any tax rebates to people doing that business?

[_act_]

They are also a small country and don't have much influence so don't expect prices to be affected by this news, but I feel very happy that bitcoin is more and more accepted by countries. No matter how big or small a country is, every time a country accepts bitcoin it is a real success for bitcoin and cryptos. We should be excited instead of waiting for a price increase to be disappointed. EU countries are acting unfriendly towards bitcoin so for me, I don't expect anything from them.

Honduras has a population of over 9 million in 2020 according to the site I checked, that is not really a small population, although it is still small compared to many other countries. But what can be said that the population is small is because only an island called Próspera make bitcoin a legal tender, not the whole of Honduras. But what I noticed was that even when El Salvador accepted bitcoin as a legal, the price of bitcoin did not increase, probably because the El Salvadoran population is around 7 million people and not a country of focus like United States of America or China. Also I have noticed more price increase when whales and institutional whales are buying bitcoin than news partaining to said to be small countries bitcoin adoption.

[Tony116]

Also I have noticed more price increase when whales and institutional whales are buying bitcoin than news partaining to said to be small countries bitcoin adoption.

This I agree with you. Even if a country accepts bitcoin legitimacy, we will hardly see any price increase in the market. But just one action of any whale causes the market to move in an instant. This leads me to think that there is manipulation rather than news, which means everything is precalculated and news is released just to legitimize the volatility.

[goldkingcoiner]

Good on Honduras!

Despite being a small country with a relatively small population, they seem to know how to create a good and prosperous future for their citizens. I do not know if Honduras has been subject to much financial corruption, but with Bitcoin that will definitely see an end.

Although I am not sure about the "special economic zone" of Honduras. My understanding was that the ruling of legal tender was for the entire country? Perhaps they want to do a test zone with Bitcoin before fully expanding the law fully to the entire population?

[justdimin]

Honduras has a population of over 9 million in 2020 according to the site I checked, that is not really a small population, although it is still small compared to many other countries. But what can be said that the population is small is because only an island called Próspera make bitcoin a legal tender, not the whole of Honduras. But what I noticed was that even when El Salvador accepted bitcoin as a legal, the price of bitcoin did not increase, probably because the El Salvadoran population is around 7 million people and not a country of focus like United States of America or China. Also I have noticed more price increase when whales and institutional whales are buying bitcoin than news partaining to said to be small countries bitcoin adoption.

I would guess that just one island of Honduras making bitcoin legal tender shouldn't have impacted bitcoin all that much anyway. Why did you assume that bitcoin should have been higher just because it is a legal tender. I mean if all of Honduras did, then maybe we could have talked about something else, but this isn't like that, this is just a situation where one part of Honduras did and that would not have too much of  an impact today.

Maybe in the long term we would see companies moving there for the ease of being a crypto company there, like how they are using Malta right now for example, and used other places like Bahamas, but that is a long term thing and wouldn't change it overnight.

[retreat]

This is just the beginning of the gradual adoption of bitcoin worldwide. The world already knows bitcoin can't be ignored anymore but are reluctant to change. But change is constant and we've got to adapt or get left behind. We've ignored btc for far too long but not anymore

Until now, the potential that I see in bitcoin in the future is recognized as a currency that will be done by many countries. people and even governments in many countries definitely see bitcoin as an opportunity not a threat. Countries that reject bitcoin today can be said to be in the category of lagging countries lol.