Bitcoin (BTC), Cryptocurrency, News, Regulation

Honduras Will Soon Legalize The Use of Bitcoin

Adopting Bitcoin as a means of exchange by El Salvador might have cleared the path for other nations to follow. According to several online sources, Honduras might be the latest nation to legally acknowledge BTC as legal cash, following El Salvador’s footsteps, which declared BTC as legal tender last year.

Honduras Follows In The Footstep Of El Salvador 

The President of Honduras, Xiomara Castro, allegedly noted that Honduras would join Salvador in escaping the dollar dominance. As stated by the news outlets, Castro has hammered on Honduras’ right to “advance closer to the digital world,” albeit the news has not been verified. The President of Honduras is expected to make a formal statement in March concerning the issue.

The country located in Central America has shown a significant interest in virtual currency right from time. According to Finbold’s report, in August, Honduras had opened its first BTC and ETH ATM in the city of Tegucigalpa, which will allow citizens to purchase the virtual currencies using the country’s native currency lempira.

Moreover, on the 18th of March, Max Keiser, a cryptocurrency supporter, who is living in the neighbourhood, made a tweet with the country’s flag, implying something might be taking place there shortly:

Global Acceptance Of BTC As Legal Means Of Exchange 

Surprisingly, according to the votes by CoinMarketCap forum, Honduras, which shares a border with Salvador, is the 40th state many expected to acknowledge BTC as a legal means of exchange. 

The three countries that crypto lovers predicted are Paraguay in the first place, followed by Venezuela, and then Anguilla. The fourth place in the US is very unlikely given their stance towards El Salvador after adopting BTC as a means of payment.

However, the forecast could be possible due to the high interest in digital currency among US politicians. Finbold noted that this enthusiasm stretches from lawmakers submitting crypto-friendly legislation to other candidates vying for Senate vowing to advocate for Bitcoin’s introduction as a legal cash.

El Salvador remains the first nation globally to embrace BTC as a legal currency in 2021, although reports revealed that a large majority of the people were not happy about it.

The crypto community and the citizens of Honduras await the words of the President and the central bank on the next step. There is currently no report about an electronic currency for the country.

At the time of this post, BTC is trading at $42,749, an increase of 3.63% in the past 24 hours when it was trading at $40,890. The market capitalization for the famous currency is $814.32 billion, an increase of 4.52% in the past seven days.

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