Central Bank of Honduras Exposes Bitcoin as Legal Tender Rumors

March 24, 2022

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The Central Bank of Honduras or BCH, addressed the false talks about the nation potentially accepting Bitcoin as legal tender the way its neighbour El Salvador, but the explanation looks unfavourable. Honduras’ central bank said for the time moment that Bitcoin was not legislated and not acknowledged as legal tender. The Central Bank of Honduras repeated its authority under Honduras’ constitution that it was the only legal issuer deemed to be legal tender in the nation.

The Central Bank said that BCH does not regulate systems carried out with digital currencies as modes of payment. Transaction carried out with these types of virtual assets is the duty and threat of those who do this. The central bank further said that it was proceeding to study with the use of introducing a Central Bank Digital Currency, or CBDC, in Honduras. The BCH announced a CBDC would be deemed as a legal tender in the nation and hence governed. Sources detailed that Honduran President Xiomara Castro was contemplating recognizing BTC as legal tender.

El Salvador is the neighbour of Honduras from the west has adopted the crypto asset as legal tender in September 2021. El Salvador since then has schemed to establish a $1 billion Bitcoin City with crypto mining undertakings powered by geothermal energy from the nation’s volcanoes. Other nations are trying to pursue El Salvador’s instance in adopting crypto. Last month, a Mexican senator said she intended to submit a bill to the nation’s congress in 2022 recommending BTC become legal tender. A lawmaker from the island country of Tonga which is more than 10,000 kilometres from Honduras, is also struggling on the statute to see the nation recognize cryptocurrencies as legal tender by mid of 2023.


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