BTC Became A Legal Tender In Honduran Special Economic Zone

BTC became a legal tender in the Honduran special economic zone and other cryptocurrencies have already become a legal tender as well according to officials’ reports so let’s find out more in today’s latest bitcoin news.

The tourist-centric island named Honduras Prospera was established in 2020 to uplift the investments and it was fiscal and budgetary autonomous. Honduras Prospera said in a statemetn:

“Prospera’s flexible regulatory framework enables crypto-innovation and the use of Bitcoin by residents, businesses, and governments.”

According to Reuters, the economic zone will allow municipalities and local governments as well as glboal firms to issue BTC bonds from the area’s jurisdiction. Honduras Prospera covers parts of the Rotan Island as well as the city of La Ceiba on the Honduras Atlantic Coast. In the meantime, El Salvador adopted BTC as a legal tender last year and in doing so, it became the first country to do so even though the rollout was filled with issues and people were quite skeptical about it. However, the Honduras Central Bank didn’t vouch for crypto transactions.
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The bank said that any transaction carried out with the type of virtual assets goes under the responsibility and the risk of the person carrying it out.
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The reports show that the TGU Consulting Group based in Honduras installed the first Bitcoin ATM in an office tower in Tegucigalpa which is the capital of Honduras. The report showed that the ATM allows users to buy BTC and ETH using the Honduran Lempira which is the local currency of Honduras. The crypto users will have to scan the official identification and input their personal data like phone numbers to purchase crypto via the aTM.

As recently reported, Block, formerly known as Square will join the Blockstream-Tesla team and will mine Bitcoin in Texas. BTC mining is seen as an activity that incentivizes the monetization of renewable power production. Tesla’s solar PV array as well its 12-megawatt-hours Megapack will power the mining facility located in Western Texas. Block also stated that a 100% solar-powered BTC mining project with Blockstream by using solar and storage tech from Tesla, will help them to furhter accelerate the BTC synergy with renewables.

The miners are just like energy buyers that create a financial incentive for improving the core economics of renewable power production and will provide the demand for vast renewable energy sources available in Texas. This is a feasible way of renewable allocation.