Honduras Special Economic Zone Legitimizes Bitcoin Payments

In a statement by Jorge Colindres, the acting manager and tax commissioner of the zone, conditions under which legal entities can use Bitcoin for payments were outlined. Organizations interested in BTC payments must submit a notification to the Tax Authority within thirty days after the respective tax period. The notification must include a reference to an approved major cryptocurrency exchange, such as Kraken or Coinbase.

Before the final tax payment procedure in BTC is implemented, the tax obligations of organizations choosing Bitcoin will be carried out in US dollars or the local currency, the lempira. After the completion of the final tax payment procedure in BTC, tax obligations will be reflected in Bitcoin, and payments will be made in this cryptocurrency.

Rumors suggest that the economic zone's decision was made in anticipation of Bitcoin's potential approval as a legal tender across the entire territory of Honduras. The Latin American country might be following in the footsteps of El Salvador in legitimizing Bitcoin.

This move by Honduras' Prospera Special Economic Zone represents a significant step towards the broader acceptance of cryptocurrencies in the mainstream economy, showcasing Bitcoin's growing influence in the financial world.