Honduras May Declare Bitcoin Legal Tender Tomorrow

Bitcoin Legal Tender

March 21, 2022

Reading Time: 2 minutes

Leading cryptocurrency by market capitalization Bitcoin is about to achieve another significant milestone. News outlets have revealed that there is a possibility of Honduras declaring Bitcoin legal tender tomorrow.

Honduran President Xiomara Castro is about to make the country the second sovereign nation after El Salvador to legalize Bitcoin. El Salvador pioneered a year ago and has continued using Bitcoin as an official currency.

Honduras Moving Towards the First World with Bitcoin Legalization

Various internet sources report that President Xiomara stated that El Salvador should not be the only country “escaping the dollar hegemony.” Additionally, the Honduran president also allegedly said it was right for the country to move towards the First World. In this case, the First World entails using digital currencies for everyday transactions.

Currently, the official national currency of the Republic of Honduras is the Lempira. The currency, equal to 100 centavos, was named after the Indian leader Lempira. Spanish colonialists killed the political hero Lempira in 1536.

Declaring Bitcoin legal tender is not coming as something unexpected in Honduras. The country has been warming up to cryptocurrencies since last year. In August 2021, Honduras set up its first bitcoin and Ethereum ATM in its capital Tegucigalpa. The ATM made it possible for citizens to buy the two leading cryptocurrencies using the local currency lempira.

Honduras Adopting Bitcoin Despite Significant Stable Economy

Unlike El Salvador, which suffered a high inflation rate, Honduras is not legalizing Bitcoin to escape economic hardships. Research revealed that most Salvadorians lacked trust in Bitcoin.

Contrarily, Honduras’s economy is quite independent and stable. The country has reliable bananas, coffee, and African palm production. Reportedly, Honduras’s economy ranks at position eighteen in Latin America regarding nominal gross domestic product and GDP at purchasing power parity prices.

Bitcoin legalization in Honduras promises to increase the interest in investments in the country’s economy. Moreover, the acceptance of the leading cryptocurrency by market cap Bitcoin can increase the attractiveness of tourism in Honduras.

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