en
Back to the list

BCH Dismisses All The Rumours Regarding The Bitcoin Regulation In Honduras 

source-logo  thecoinrepublic.com 24 March 2022 21:30, UTC
  • The Central Bank of Honduras addressed the rumours that the country is mirroring its neighbour, El Salvador, and adopting Bitcoin as a legal tender, labelling them false. 
  • The BCH released a statement saying that the country is not regulating cryptocurrency. In addition, it also revealed that it does not take responsibility for the operations that involve cryptocurrencies transactions. 
  • Furthermore, the bank revealed that work is in progress on the practical implementation of launching a Central Bank Digital Currency or CBDC in the country. 

There are rumours spreading that Honduras will be adopting Bitcoin as a legal tender just like its neighbour El Salvado. However, the Central Bank of Honduras, or BCH, has addressed these rumours, and they do not seem true. 

The central bank of Honduras released a statement on Wednesday stating that the country will not be regulating Bitcoin(BTC) as of now, and the flagship cryptocurrency is also not recognized as the legal tender. The BCH then pointed out that it is the only organisation that is authorised to be the issuer of banknotes and coins to be pondering about the legal tender in the country. 

As per the rough translation of the statement, BCH does not provide any guarantee on operations that involve cryptocurrencies as the means of payment. Further, it reads it doesn’t take the responsibility for any transactions conducted using these types of digital assets and the risks associated with them. 

Moreover, the central bank revealed that it was continuing its work on the practical implementation of launching a CBDC or a central bank digital currency in Honduras. The BCH added that the country will consider a CBDC in the country and will regulate it accordingly. 

This week various news channels reported that Honduran President Xiomara Castro was contemplating on recognizing BTC as a legal tender. El Salvador, which is located on the west border of Honduras, has adopted the world’s leading asset as legal tender in September 2021. El Salvador also plans to construct a $1-billion “Bitcoin City” with crypto mining operations that are powered by geothermal energy from the volcanoes in the country. 

Holy cow! This is BIG news if true! Reports saying that Honduras may be next to make #bitcoin into legal tender! https://t.co/vSD5R7AY1F

— Lark Davis (@TheCryptoLark) March 22, 2022

After being inspired by El Salvador, other countries also follow in the steps and embrace crypto. A Mexican senator revealed her plans to introduce a bill in the country’s congress in 2022 to make BTC tender legal in February. The Bill is based on the model of the Bitcoin Law of El Salvador. 

A lawmaker in Tonga, an island located over 10,000 kilometers from Honduras, is also preparing legislation that would result in the country recognizing cryptocurrencies as legal tender by mid- 2023.

thecoinrepublic.com