District of Honduras officially recognizes Bitcoin as unit of account

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Less than two years after accepting Bitcoin as legal tender, Prospela, a special economic zone in Roatan, Honduras, has officially recognized Bitcoin as a unit of account*, meaning Bitcoin can now be used to measure markets for goods and services. value.

*DThanks calculate: It is the property or function of money that allows people to use it to calculate and record the value of goods, services, assets and financial transactions.

The development was announced by Prospera ZEDE (Employment and Economic Development Zone) Acting Director and Tax Commissioner Jorge Colindres. start up January 5th.

In a Jan. 7 post on X, formerly known as Twitter, Colindres said the move was motivated by bringing more financial freedom to individuals and businesses operating in the region.

“At Prospera ZEDE we believe in financial freedom and monetary freedom. People should be free to conduct transactions, calculate taxes and report in the currency of their free choice.”

This development means that Bitcoin can be used as currency to measure the market value of various goods and services in the Prospera region.

However, Colindres noted that they are currently unable to implement the “final BTC tax process,” citing technical limitations of the e-government system as well as numerous external legal issues.

Currently, for internal calculation purposes, tax liability for Bitcoin options units will be determined in BTC but reported to Próspera ZEDE in U.S. dollars or Honduran lempiras.

Colindres noted that once the matter is resolved, these entities will report their tax obligations and pay the corresponding amounts in BTC to Prospera ZEDE.

Those interested in using BTC as a unit of account must submit a notification to the Prospera Tax Commission within 30 days of the relevant tax period.

Colindres said the announcement should mention approved exchanges such as Coinbase or Kraken.

Form requested by potential businesses in Bitcoin calculate Required | Source: Prospera ZEDE

Próspera ZEDE was launched in May 2020 on the northern island of Roatan. The region accepted BTC as legal tender in April 2022, approximately seven months after Honduras’ neighbor El Salvador adopted BTC as legal tender nationwide in September 2021.

Colinderes recently describe Prospera ZEDE is one of the “most competitive special regimes” in Latin America, which he said had received more than $100 million in funding during its three-year term and created more than 3,000 jobs across the country.