Honduras to Accept Bitcoin as a Means of Payment

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Honduras is ready to follow in the footsteps of El Salvador to accept Bitcoin as legal tender in the country.

Xiomara Castro, President of Honduras, has said:

“We must not let El Salvador become the only country to escape dollar hegemony. Honduras has the right to move towards the First World.”

Castro took over as head of state in January 2022 after her husband Manuel Zelaya vacated the seat.

The Bitcoin acceptance law in El Salvador went into effect last fall. Now prices in El Salvador can be set in Bitcoins, and taxes can also be paid in the crypto. The exchange of Bitcoin for fiat currency is not subject to capital gains tax, while Bitcoin can be exchanged for dollars at the market rate. All enterprises in the country are required to accept the leading crypto.

In February, El Salvador’s President Nayib Bukele boasted the country showed double-digit GDP growth, exports in January 2022 increased by 13.7% compared to January 2021. And according to the Minister of Tourism of El Salvador Morena Valdez, the tourism industry in El Salvador has grown more than 30% since the adoption of the Bitcoin law in September 2021.