Honduras Will Not Adopt Bitcoin as Legal Tender, Central Bank Implies

Today, the Central Bank of Honduras stated that it does not intend to follow El Salvador’s footsteps. This was in response to FOMO caused by rumors of the adoption of bitcoin in Latin America.

According to the statement, the Central American country has a neutral attitude towards Bitcoin and other cryptocurrencies. It does not intend to change it. They also stressed that Bitcoin is not yet accepted in many countries as legal tender and that it is not properly regulated.

It is not legal or illegal to use cryptocurrencies in Honduras.

CBH stressed that cryptocurrencies are not regulated in Honduras and therefore, any problems or risk in transactions by Hondurans would be on their shoulders.

“The BCH doesn’t supervise or guarantee transactions using cryptocurrencies to pay in the national territory. Therefore, any transaction using this type of virtual asset is the responsibility of the person who does it.”

The CBH also stated that they are still evaluating whether is it a good idea for a CBDC to be issued as many countries do. They emphasize that the State has the right to control and issue the currency.

It is much easier to issue a CBDC rather than to declare Bitcoin legal tender.

It was not as easy as President Nayib Bukele claimed it to be when he declared Bitcoin legal tender in El Salvador. However, it is complicated due to the global volatility and low adoption.

El Salvador, for example, has come under scrutiny in recent months after it purchased large quantities of Bitcoin at much more expensive prices than the current price.

According to Reuters El Salvador had to delay the launch of its Vulcano Bonds because of the market price drop and geopolitical circumstances. The new launch dates for the bonds should fall between May and June. Bukele refutes this claim and claims that there were other reasons for the delay.

El Salvador, in other words has been a “guineapig” for countries around the world so that they can observe how an economy behaves after accepting bitcoin as legal currency.

Coinmarketcap conducted surveys to predict which country would adopt bitcoin as legal currency. Paraguay came in first, followed by Venezuela. Venezuela has the “Petro,” which is a cryptocurrency that has, despite being subject to a lot hostility, gained a lot in the country’s economic economy. Honduras ranks 39.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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