Bitcoin is ‘not regulated’ — Honduras’ central bank pushes back against legal tender rumors

Bitcoin is 'not regulated' — Honduras' central bank pushes back against legal tender rumors

BCH (Central Bank of Honduras) addressed rumors about the country adopting Bitcoin as legal currency like El Salvador. The answer appears to be negative.

The central bank of Honduras stated Wednesday that Bitcoin (BTC), was not being regulated in the country. It also said that it wasn’t recognized in many other countries as legal tender. The BCH reiterated that it is the only authorized “issuer” of coins and banknotes in Honduras.

According to a translation, the central bank stated that it does not oversee or guarantee transactions using cryptocurrencies as a means of payment. “Any transaction made with these types virtual assets is at the risk and responsibility of the individuals who make it.”

The central bank stated that it continued to examine “with the conceptual technical and legal analysis” whether it would be possible to introduce a central bank digital currency (or CBDC) in Honduras. According to the BCH, a CBDC will be legal tender in the country. It will also be regulated accordingly.

Related: El Salvador, Honduras, and Guatemala launch Bitcoin

Several news outlets reported this week that the Honduran President Xiomara Cruz was contemplating recognizing BTC legal tender. El Salvador, bordering Honduras to its west, adopted the crypto asset in September 2021 as legal tender and has since plans to build a $1-billion Bitcoin City with crypto mining operations powered from geothermal energy from its volcanoes.

Holy cow! If true, this is huge news! According to reports, Honduras could be the next country to legalize #bitcoin! https://t.co/vSD5R7AY1F
Lark Davis (@TheCryptoLark), March 22, 2022

Others have been pushing for crypto adoption in other countries as well. A Mexican senator stated in February that she would introduce a bill to Congress to make Bitcoin legal tender. The bill is modeled on El Salvador’s Bitcoin Law. Tonga is an island nation that has more than 10,000 km from Honduras. A lawmaker working on legislation could allow the country to recognize cryptocurrency as legal tender by the middle of 2023.

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