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Bitcoin (BTC) 'unregulated': Central Bank of Honduras denies legal tender rumours

 


The Central Bank of Honduras, or BCH for short, has commented on rumors that the country plans to adopt Bitcoin as legal tender, like its neighbor El Salvador has done. The answer tends to be negative.


In a statement Wednesday , the Honduran central bank said Bitcoin ( BTC ) is unregulated in the country "until further notice" and is not recognized as legal tender in many other countries. The BCH reiterated that it is enshrined in the Honduran constitution that it is the only authorized "issuer of banknotes and coins" that are legal tender in the country.


"BCH does not oversee or guarantee transactions conducted using cryptocurrencies as a means of payment," the central bank said in a translated statement. "Any transactions made with these types of virtual assets place the responsibility and risk on whoever makes them."


The central bank added that it continues to explore "through conceptual, technical and legal analysis" the feasibility of launching a central bank digital currency (CBDC) in Honduras. The central bank also stated that a CBDC would be considered legal tender in the country and would be regulated accordingly.


Multiple news sources reported this week that Honduran President Xiomara Castro is considering recognizing BTC as legal tender. Neighboring country El Salvador made the cryptocurrency legal tender in September 2021 and has since planned to build a $1 billion "bitcoin city" of crypto mining operations powered by geothermal energy from the country's volcanoes.



Other countries are also seriously considering following El Salvador's example and introducing cryptocurrencies as a means of payment. In February, a Mexican senator said she plans to submit a bill to Mexico's Congress in 2022 that would make BTC legal tender. This bill is modeled after El Salvador's bitcoin law. A lawmaker on the island of Tonga is also working on a bill that would see the country recognize cryptocurrencies as legal tender by mid-2023 .


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