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Próspera ZEDE integrates Bitcoin for financial transactions

EditorRachael Rajan
Published 01/08/2024, 12:50 PM
Updated 01/08/2024, 12:50 PM
© Reuters.

ROATAN - Próspera ZEDE, a special economic zone on the Honduran island of Roatan, has embraced Bitcoin as a unit of account to bolster financial freedom. The initiative, announced by Jorge Colindres, aims to provide residents and businesses within the zone greater monetary choice. This move allows for transactions and tax obligations to be carried out using the cryptocurrency.

On Sunday, Colindres reinforced Próspera's dedication to monetary choice via social media, highlighting the zone's progressive stance on digital currencies. Despite the innovative step, the current eGovernance system requires tax calculations in Bitcoin to be reported in traditional currencies, either US dollars or Honduran lempira. Próspera is actively seeking solutions to facilitate full transactional and reporting functionality in Bitcoin.

Since its inception in May 2020, Próspera has become a hub for investment and employment opportunities. However, the Central Bank of Honduras maintains a cautious approach to the adoption of cryptocurrencies on a national level, signaling a conservative stance amid the growing global interest in digital assets.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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