Several countries, organizations, and authorities are integrating cryptocurrencies like Bitcoin into their ecosystem. Almost everyone is riding on the crypto wave to become a part of the fast emerging financial sector. People seek it as a revolutionizing opportunity in the modern world. Therefore, Próspera ZEDE has taken an initiative to allow Bitcoin and other cryptocurrencies to operate as a legal tender in its jurisdiction.
Próspera ZEDE is a special economic zone. It is located on the island of Roatan in the Northern Corridor of Honduras. The region is growing crypto-friendly, which is quite evident from its recent initiatives. It has announced that local governments, international firms, and municipalities are allowed to issue Bitcoin bonds.
However, they have to comply with the international KYC and AML standards. This will ensure more security and transparency in their working model. Also, this will propel the economic growth in Honduras while prioritizing the accessibility of consumers.
Próspera ZEDE aims to incorporate financial innovation
Cryptocurrencies are the next big thing in the global economic structure. This is why Próspera ZEDE is trying to become the leading global jurisdiction for financial innovation. Consumers and organizations can use BTC as a payment method on the Island. Moreover, these BTC and crypto transactions are not subjected to capital taxes.
Próspera ZEDE is also accepting tax payments and fees through Bitcoin. The residents of the region will be able to build crypto-based businesses. However, they have to incorporate KYC and AML standards in their businesses.
Municipalities in the region can now issue Bitcoin bonds. This is aimed at attracting foreign investments. However, non-US companies from all over the globe will also be able to issue Bitcoin bonds through the newly introduced regulatory system of Próspera.
Currently, Próspera ZEDE accepts investment in a Security Token Convertible Note Offering. But with recent crypto innovations, the use of Bitcoin can be a more convenient choice for businesses, governments, and residents of the jurisdiction. Próspera believes that this form of foreign direct investment can help the communities to prosper in the longer run.
In addition to this, Mexican Senator, Indira Kempis has also announced plans of proposing similar legislation in the country. This indicates that Mexico might soon come on board with the step of making Bitcoin a legal tender. After El Salvador, several countries and states are exploring ways of legalizing the use of Bitcoin and other cryptocurrencies.
