Almost a year ago, El Salvador decided to accept bitcoin as a means of payment. Now its closest neighbor, Honduras, is ready to follow in the footsteps of El Salvador.
“We must not allow El Salvador to become the only country that has escaped dollar hegemony. Honduras has the right to move towards the First World,” said Xiomara Castro, President of Honduras.
Castro took over as head of state in January 2022 after her husband Manuel Zelaya vacated the seat.
The bitcoin acceptance law in El Salvador came into force last autumn. Now prices in El Salvador can be set in bitcoins, and taxes can also be paid in the first cryptocurrency. The exchange of bitcoin for fiat currency is not subject to capital gains tax, while bitcoin can be exchanged for dollars at the market rate. All businesses in the country are required to accept the first cryptocurrency.
In February, Salvadoran President Nayib Bukele boasted that the country showed double-digit GDP growth, exports in January 2022 of the year increased by ,7% compared to January 2021. And according to El Salvador’s tourism minister, Morena Valdez, the tourism industry in El Salvador has grown by more than % since the passage of the bitcoin law in September 2021 of the year. Bukele speculates that two more countries will accept bitcoin as a means of payment in 2021 year.
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