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Honduras' Roatan Island Economic Zone Recognizes Bitcoin as Accounting Unit

08/01 11:12

According to Foresight News, the Prospera economic zone on Roatan Island, Honduras, has officially recognized Bitcoin as an accounting unit, which can now be used to measure the market value of goods and services. The development project was led by Jorge Colindres, the agent manager and tax commissioner of Prospera's Employment and Economic Development Zone (ZEDE), on January 5th. However, Colindres stated that due to technical limitations of the e-government system and external regulatory issues, the 'final BTC tax procedure' cannot be implemented at this time. For internal accounting purposes, the tax obligations of entities choosing Bitcoin will be determined by reference to Bitcoin, but reported to Prospera ZEDE in US dollars or Honduran Lempiras. Once the issues are resolved, entities will report their tax obligations to Prospera ZEDE in BTC. Those interested in using BTC as an accounting unit must submit a notice to the Prospera Tax Committee within 30 days after the relevant tax period.

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