The Honduras Special Zone officially recognizes Bitcoin as a unit of account

[Do or Die]

Less than two years after adopting bitcoin as BTC legal tender, Prospera, a special economic zone in Roatan, Honduras, has officially recognized bitcoin as a unit of account — meaning it can now be used to measure the market value of goods and services.
This development means that BTC can be used as a monetary unit to measure the market value of various goods and services in the Prospera region. Colindres, however, said it could not implement a "final BTC tax payment system" at the moment, citing technical limitations of its e-governance system in addition to some external regulatory issues.

For now, the tax liabilities of bitcoin-electing companies will be determined with reference to BTC for internal accounting purposes but will be reported in US dollars Próspera ZEDE or Honduras lempira.

Once the issues are resolved, the companies will report the tax liability (and pay the corresponding amount) to Prospera ZE in BTC, Colindres noted.

Those interested in uniting BTC accounts must file a notice with the Prospera Tax Commission within 30 days of the relevant tax period

honduras-special-economic-zone-

[Poker Player]

Well, all news of this kind is welcome, but considering that this is an area of 60K inhabitants, we should not be overly optimistic.

Nor do I believe that Bitcoin is going to impose itself as a unit of account on the basis of legislation, considering how volatile it still is relative to the major currencies. We only have to see that it is not a unit of account in a practical way even in this forum.

[wallet4bitcoin]

This is Honduras taking it a little bit higher than EL Salvador has.

Using Bitcoin as a unit of account comes with loads of complexities in inner calculation for tax and other stuff. I commend the move by the Hnduras goveernment but I also advice that proper sensitization be carried out before going fullscale with this policy as it may cause some inbalances in their financial records, especially in cases where blockchain technology and education is yet to find its feet.

[Fiatless]

Well, all news of this kind is welcome, but considering that this is an area of 60K inhabitants, we should not be overly optimistic.

Nor do I believe that Bitcoin is going to impose itself as a unit of account on the basis of legislation, considering how volatile it still is relative to the major currencies. We only have to see that it is not a unit of account in a practical way even in this forum.

I have the same view that any news about Bitcoin promotion and adoption is a positive addition to the Bitcoin community. The government identified that the reason for making this policy is to give the people of Próspera the freedom to choose the currency they find convenient when engaging in business dealings. Businesses and individuals will also be able to pay taxes using Bitcoin shortly. Considering the small population of this economic zone, the impact on the price of Bitcoin will not be noticed but at least it will help when I am promoting Bitcoin. It is simple to promote Bitcoin by giving examples of big corporations, regions or countries that have adopted it. People will always want to hear these kind of positive news for them to begin to see Bitcoin as a globally recognized currency.

This is Honduras taking it a little bit higher than EL Salvador has.

Using Bitcoin as a unit of account comes with loads of complexities in inner calculation for tax and other stuff. I commend the move by the Hnduras goveernment but I also advice that proper sensitization be carried out before going fullscale with this policy as it may cause some inbalances in their financial records, especially in cases where blockchain technology and education is yet to find its feet.

Honduras has a literacy rate of about 88.51% which is considerably suitable for Bitcoin education. It is the responsibility of the government in partnership with other organizations to engage in massive awareness of this project. The policy might face some hitches at this infant stage but the system will keep improving with time.

[Lucius]

Well, all news of this kind is welcome, but considering that this is an area of 60K inhabitants, we should not be overly optimistic.
~snip~

The story with that island and their relationship with Bitcoin appeared for the first time in 2022, but later it was written that Honduras somehow challenges the island to do such things because they are not in accordance with the laws. It seems that they still managed to keep Bitcoin on the island, and regardless of the fact that it is a project that probably won't have a global impact, it is still something positive for Bitcoin.

A few topics I found in the Bitcoin discussion when it comes to Prospera.

Madeira and Prospera "adopting bitcoin"
Honduras SEZ accepting Bitcoin as legal tender. What could be the benifits?
BITCOIN NOW A LEGAL TENDER IN SPECIAL ECONOMIC ZONE OF HONDURAS.     

[yazher]

I wonder how it will be for them once they completely make it legal tender despite of them one of the smallest countries in the world, they are one of the countries that are best to try this innovation and it could be for their best future if they have some great plan along with recognizing Bitcoin as a unit of account. Since El Salvador has found no problem in making their country one of the bitcoin-friendly in the world, I was waiting for others will follow in their footsteps but as we can see, there are lots of things have been happening and now we know that they have different approach when it comes to adopting bitcoins in their countries.

[BIT-BENDER]

Well, all news of this kind is welcome, but considering that this is an area of 60K inhabitants, we should not be overly optimistic.

Nor do I believe that Bitcoin is going to impose itself as a unit of account on the basis of legislation, considering how volatile it still is relative to the major currencies. We only have to see that it is not a unit of account in a practical way even in this forum.

I don't think it's about being optimistic but rather celebrating the small wins, I think any news about Bitcoin adoption level rise should be always welcome .

I don't think we would ever here that some so called populated big power country government would fully admit to accepting Bitcoin so news like this can encourage Bitcoin enthusiast in Bitcoin hostile country to strive on.

[Lucius]

I wonder how it will be for them once they completely make it legal tender despite of them one of the smallest countries in the world, they are one of the countries that are best to try this innovation and it could be for their best future if they have some great plan along with recognizing Bitcoin as a unit of account.
~snip~

As far as I know, Honduras is not a country that is being led into any speculations about doing anything similar to El Salvador, and besides, according to the latest data, Honduras has about 10.6 million inhabitants, compared to El Salvador, which has about 6.3 million.

This whole story is about a place called Prospera and it is located on the island of Roatan, and it is actually an autonomous zone, something similar to Hong Kong when it comes to China. Prospera still falls under the laws of Honduras especially when it comes to the constitution and criminal laws.


Source

[Kelward]

Well, all news of this kind is welcome, but considering that this is an area of 60K inhabitants, we should not be overly optimistic.

Nor do I believe that Bitcoin is going to impose itself as a unit of account on the basis of legislation, considering how volatile it still is relative to the major currencies. We only have to see that it is not a unit of account in a practical way even in this forum.

It's true that we shouldn't be overly optimistic and enthusiastic because of the small population of the this island that has adoption Bitcoin, it's however a win for Bitcoin, nevertheless, because they're an entity. I hope that they're able to manage the volatility of Bitcoin in their small economy. What will be a big boost for Bitcoin will be when a country with a very large population will adopt it, although I don't see that happening anytime soon.

[thecodebear]

Less than two years after adopting bitcoin as BTC legal tender, Prospera, a special economic zone in Roatan, Honduras, has officially recognized bitcoin as a unit of account — meaning it can now be used to measure the market value of goods and services.
This development means that BTC can be used as a monetary unit to measure the market value of various goods and services in the Prospera region. Colindres, however, said it could not implement a "final BTC tax payment system" at the moment, citing technical limitations of its e-governance system in addition to some external regulatory issues.

For now, the tax liabilities of bitcoin-electing companies will be determined with reference to BTC for internal accounting purposes but will be reported in US dollars Próspera ZEDE or Honduras lempira.

Once the issues are resolved, the companies will report the tax liability (and pay the corresponding amount) to Prospera ZE in BTC, Colindres noted.

Those interested in uniting BTC accounts must file a notice with the Prospera Tax Commission within 30 days of the relevant tax period

honduras-special-economic-zone-

Oh that's cool. This is how bitcoin spreads. Not from the topdown, but growing from the ground up organically. Small towns and villages all around the world clustering around bitcoin. A couple more decades of that and bitcoin will be accepted many places around the world.

[moneystery]

usually bitcoin is used as payment for goods and services, but the region uses it as a unit to measure the market value of goods and services, i don't know what the considerations of the regional government are so that they allow bitcoin to be used to measure the market value of goods and services seeing how volatile it is bitcoin price, do they just want to make the area an experimental area before implementing it on a larger scale? or just to raise the area's image as a destination for bitcoin owners? but whatever the reason, the adoption of bitcoin needs to be welcomed and appreciated.

[348Judah]

Recognition of bitcoin as a unit of account is not as what is being anticipated by many of the citizens like them seing Bitcoin as a legal tender, but we can also accept this as a first step to what is being expected to see in the possible nearest future, with the way things are appearing nowz it's likely we see more countries making bitcoin adoption a legal tender this year due to what we are receiving from some of them as a positive indication that could rises interest on bitcoin adoption by the government, unlike the previous times that Bitcoin had been suffering alot of threats from governments and they have a wrong interpretation of what this digital currency is.

[Oshosondy]

This is a good news, but if I see prices in fiat, I think that is good that way. But maybe this can make people to be aware of bitcoin by seeing things in bitcoin price also, but I do not think if this move is necessary or not. I think accepting bitcoin as a legal tender is enough but I may not be right about this.

with the way things are appearing nowz it's likely we see more countries making bitcoin adoption a legal tender this year due to what we are receiving from some of them as a positive indication that could rises interest on bitcoin adoption by the government, unlike the previous times that Bitcoin had been suffering alot of threats from governments and they have a wrong interpretation of what this digital currency is.

There is no other country than Argentina that we heard of that will likely make bitcoin a legal tender, but we still not yet know if this would be what will happen. Also it is good to know that it is not Honduras that made bitcoin a legal tender but an island called Prospera in Honduras which is full of tourists. What that is most important is not about countries to legalize bitcoin as a legal tender, but to be a friendly bitcoin nation.

[kryptqnick]

I think Bitcoin adoption is a great choice for special economic zones around the world. It's relatively new, it attracts a lot of attention, and it's something many people want to experiment with. So it's just a natural match to make BTC adoption easy in places that exist specifically to focus on financial innovation, to let people experience the joy of relatively low taxes and an easier way of doing business than in many other places around the world.
This special zone alone isn't much, but if others follow suit, it can have significant impact.

[Lida93]

Well, all news of this kind is welcome, but considering that this is an area of 60K inhabitants, we should not be overly optimistic.

Nor do I believe that Bitcoin is going to impose itself as a unit of account on the basis of legislation, considering how volatile it still is relative to the major currencies. We only have to see that it is not a unit of account in a practical way even in this forum.

What will be a big boost for Bitcoin will be when a country with a very large population will adopt it, although I don't see that happening anytime soon.

What will make up the overall adoption might not be from the angle from which you are expecting from, the continuous adoption from these less dense geographies with a staggering population put together can override a single large population. And the adoption we looking out for the expansiveness of bitcoin blockchain technology isn't just about a larger populated country but one with a high rate of literacy for ease and fast adoption.

It should rather be appreciable to see that the setting of bitcoin in the global economy is starting with the smaller populated countries  and in due time the larger nations will join in giving bitcoin a wider acceptance all over the world. but this i think will come with a cost, a situation where centralization will try to override and distort the tenets of decentralization. 

[hugeblack]

What is strange is that the adoption of Bitcoin began in the least developed countries that have a lower average population, in countries that have greater financial growth, and I am surprised how the parliaments of those countries passed such legislation. However, it is a good step in the right direction, and I hope that its purpose is not only for taxes, but rather to start using Bitcoin for international trade. .

[kentrolla]

It's obviously a good news but I feel if we have such impact from nations who have a lot of Bitcoin or crypto users with large population that would really change the game i mean countries like India and China but they are keen on killing the crypto and trading platforms. Nevertheless this is a welcoming news and wish other countries follows the same which might eventually happen.