- Prospera ZEDE makes Bitcoin official as a unit of account, marking a milestone in the regional acceptance of cryptocurrencies.
- The adoption of Bitcoin in tax transactions reflects a strategic shift, inspiring possible similar decisions in other areas.
The Honduran Special Economic Zone, Prospera ZEDE, has formally incorporated Bitcoin as a unit of account, marking a milestone in its recognition for various commercial, fiscal and financial transactions.
The announcement, made by Jorge Colindres, acting manager and Tax Commissioner of the zone, provides clarity on the conditions that legal entities must meet to adopt Bitcoin as their official unit of account.
Bitcoin Tax and Reporting Obligations
During the period prior to the full implementation of the BTC Tax Payment Procedure, entities opting for Bitcoin as their unit of account will calculate their tax obligations internally by referring to BTC.
However, for filing with Prospera ZEDE, these obligations will be reported in US dollars or the local currency, Lempira. Once the final procedure is implemented, entities will file and pay their tax obligations directly in Bitcoin.
Simplified Process with Approved Forms
The Prospera ZEDE declaration not only establishes the conditions for entities to adopt Bitcoin as their unit of account, but also provides an approved form for the declaration of this election.
To further facilitate this process, the Prospera ZEDE General Service Provider will release BTC Election Notification form templates. In addition, an upgrade will be performed on the eProspera eGovernance platform to streamline data entry and reporting related to the Bitcoin election by entities. This approach seeks to simplify and streamline compliance with this new accounting process.
Following the Example of El Salvador
This decision follows earlier speculation that Honduras may recognize Bitcoin as legal tender, following in El Salvador’s footsteps. It is important to note that in 2022, the Central Bank of Honduras denied reports of Bitcoin legalization, warning against the use of cryptocurrencies in payments due to the lack of legal backing.
Importance of Prosperous ZEDE Adoption
The recent acceptance of Bitcoin by Prospera ZEDE signals a significant shift, indicating a growing momentum towards cryptocurrency acceptance in the region. The upcoming implementation of the BTC Tax Payment Procedure underscores the willingness of entities to fully integrate Bitcoin into their financial operations.
This strategic move could have long-term implications for the adoption of cryptocurrencies in specialized economic environments and could serve as inspiration for similar decisions in other regions.
