bitcoinBTC/USD
$ 20,328.00
ethereumETH/USD
$ 1,146.83
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.459338
xrpXRP/USD
$ 0.325782
usd-coinUSDC/USD
$ 1.00

Bitcoin Is Now a Legal Tender in the Honduras Special Economic Zone

Honduras Makes Bitcoin a Legal Tender

Prospera’s SEZ is using Bitcoin to enhance economic activity and attract foreign investment. As of Thursday, Bitcoin has been officially launched as a legal tender in the northern zone of Honduras. In addition, the special economic zone on the island of Roatan, called Prospera, now allows the use of Bitcoin and other cryptocurrencies. This means that people and businesses can now pay for things with them.

Following the Steps of El Salvador

The country is following the lead of its neighbor, El Salvador, which made Bitcoin legal tender on the 7th of September. Through this action, El Salvador brought something new. Moreover, this law gained the attention of policymakers in the United States. Correspondingly, this has led to legislation in both the House and Senate. The reason behind it is to look into what could happen if Bitcoin were legal in the U.S. too. 

Prospera was built in 2020, and it is a private settlement in Honduras. It has its own political system at the judicial, economic, and administrative levels. In addition, the area is part of the law for the Zone for Employment and Economic Development. The goal of this law is to encourage investment and jobs in parts of the country that are not very well-known.

With the new law, the municipalities in Honduras can now issue bonds in Bitcoin. The goal is to attract foreign investment. According to a statement, companies and municipal governments outside of the United States can apply. 

They may use bonds to raise money in both public and private markets. As per the record, bonds are tradable financial instruments. On the primary market, an issuer sells bonds to investors to raise or borrow money for projects. Investors receive compensation on a quarterly, yearly, or biennially basis through fixed-rate coupons.

There will be world-class AML and KYC requirements in place. The main reason is to assure regulatory compliance for both bond sales as well as the ability to utilize BTC as legal money.

Bitcoin City of El Salvador

Nayib Bukele, the president of El Salvador, said in November that the country intends to establish a “Bitcoin City.” This city will have a coupon rate of 6.5% for the first five years, financed primarily by the sale of BTC bonds. As revealed, they will utilize half of the $1 billion to support the city’s construction. In the meantime, they will continue buying more BTC with the remaining funds.

The Bitcoin City was originally set for March. However, the government of Bukele has now postponed the launch of the bond. The main reason for the postponement is the weak market conditions and the ongoing conflict in Ukraine.

Also read:

Related News

Meta Continues With Its NFT Plans

Meta stated that its other cryptocurrency initiatives are proceeding according to schedule after announcing the end of its Novi project. Non-fungible tokens (NFT) have been developing for a while by the company. The Novi initiative, which enables remittances and international money transfers, will shortly be shut down, the company announced recently. According to the company, the project will no longer operate as of September 1. Users of Novi were informed

Read More »

Bitcoin’s Lightning Network Now Available for Argentina From OpenNode Partnership With Lemon Cash

OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network. “This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit

Read More »
LuckyBlock is a worldwide game and competition platform with play to earn rewards using blockchain protocols. They have already given many prizes to the participants of the game.

Lucky Block Partners with Crypto Academy

Lucky Block has partnered with Crypto Academy, as we look forward to many updates and launches ahead.  Lucky Block has reached a partnership with Crypto Academy, the renowned Crypto Marketing Agency, and Informational and Educational portal. With an incredible success rate in helping cryptocurrency-focused startups grow in the industry, the partnership with Crypto Academy is a stepping stone in the exciting journey ahead for Lucky Block. LuckyBlock is a worldwide

Read More »

My Coins

bitcoinBitcoin
$ 20,328.003.88%
ethereumEthereum
$ 1,146.834.58%
cardanoCardano
$ 0.4593382.32%
tetherTether
$ 1.000.03%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org