It's always interesting to see the relationship the countries have with crypto on a legal level. In Latin America there are already several cases of the legal use of crypto, now Honduras comes to the list with their embrace of Bitcoin, which can now be used during your tax report.
Prospera ZEDE
Prospera ZEDE is an especial economic zone, constitutionally independent, which allows them to take decisions regarding their legal practices independently from the ones that work on the rest of the country. This allows business to have more freedom and contact with the global market, plus it allows new business to have less requirements to start operations.
At Próspera ZEDE you can establish your Limited Liability Company (LLC), one of the most flexible legal structures in the world. #Honduras entrepreneurs can formalize their LLC to facilitate their access to international capital. Access: http://eprospera.hn
ProsperaZEDE
BTC as unit of account
It was recently announced that they now accept Bitcoin to be used to fill taxes. Right now it can be used during the whole process except the actual payment, which will be in US Dollars or on the local currency of Honduras.
This until technical issues are solved. Even with this little limitation, this is a huge step forward for the mass adoption of cryptocurrency. It also saves a lot of issues dealing with banks, while still being able to be a responsible business that has transparent transactions and pays taxed (even more transparent than banks maybe).
Source: Special Economic Zone in This Country Recognizes Bitcoin as a Unit of Account
BTC_Archive
While this is not in the whole country and is not something the whole population support or comprehends, is a test that will allow to confirm how prosper the economy can be after the adoption of crypto, and crypto users can actually thrive after BTC going mainstream.
Something to consider is that BTC is a cryptocurrency that does huge movements up and down, which in an industry level, with wages, services, and goods to pay, can be complex to maintain. But there is already business operating with crypto, just not being able to do their documentation directly with it, so we expect this to be a success.
BTC is still not Legal tender in Honduras
Being accepted as unit of account on this especial zones does not mean it is legal tender in the country. There is still not regulation nor support for BTC to be a regular currency in Honduras as it is now in El Salvador. it was said on 2022 as this article reports and this has not change not with the ZEDE announcement on 2024.
To be able to use BTC ro declare taxes, you have to be registered with the ZEDE, and do the payment on fiat, until the regulation issues dealing with external regulations are solved.
Espero les haya gustado, hasta la próxima publicación
Hope you liked it, until the next time
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