• Próspera Zone in Honduras officially recognizes Bitcoin as a unit of account, expanding financial freedom.
• Acting manager Jorge Colindres leads the initiative, emphasizing the right to financial flexibility.
• Despite temporary limitations, entities opting for Bitcoin can calculate tax obligations internally.

In a significant development, the Próspera Special Economic Zone (SEZ) in Roatan, Honduras, has officially recognized Bitcoin (BTC) as a unit of account, further solidifying its commitment to financial innovation.

This move comes less than two years after the region embraced Bitcoin as a legal tender, demonstrating a progressive stance toward the integration of cryptocurrencies into the traditional financial system.

Aiming for financial freedom

Jorge Colindres, the acting manager and tax commissioner of Próspera Zone for Employment and Economic Development (ZEDE), spearheaded this initiative, aiming to provide greater financial flexibility to residents and businesses operating within the SEZ. Colindres, in a January 7 announcement on X, emphasized the belief in the right to financial and monetary freedom, asserting that individuals should be free to conduct transactions, manage accounting, and report taxes in the currency of their choice.

En @ProsperaZEDE creemos en el derecho a la libertad financiera y la libertad monetaria. Las personas deben ser libres de realizar transacciones, llevar su contabilidad y reportar impuestos en la moneda de su libre elección. #Honduras #BTC https://t.co/nlaFLtheRL

— Jorge Colindres (@GeorgeColindres) January 7, 2024

While the decision has been celebrated for its potential to enhance financial freedom, Colindres acknowledged certain temporary limitations. The “Final BTC Tax Payment Procedure” is currently on hold due to technological challenges with the eGovernance system and external regulatory obstacles. Despite this, entities opting for Bitcoin will calculate tax obligations using BTC internally, reporting them to Próspera ZEDE in either US dollars or the Honduras lempira.

Colindres assured that once these challenges are addressed, businesses can directly report and settle tax dues in BTC to Próspera ZEDE.

For businesses interested in adopting Bitcoin as their primary currency, a formal request must be submitted to Próspera’s tax committee within 30 days of the relevant tax period. This request should reference an approved cryptocurrency exchange, such as Coinbase or Kraken, emphasizing the SEZ’s commitment to ensuring compliance and legitimacy in the adoption process.

Próspera ZEDE zone in Roatan Island

Próspera ZEDE, launched in May 2020 on the northern island of Roatan, continues to position itself as one of the most competitive special regimes in Latin America. With over $100 million received in its three-year tenure and the creation of more than 3,000 jobs across the country, Próspera stands as a testament to Honduras’ commitment to embracing innovative financial solutions.

This move follows in the footsteps of El Salvador, Honduras’ neighbouring country, which made history by adopting BTC as legal tender in 2021. As Próspera ZEDE pioneers the recognition of Bitcoin as a unit of account, it sets a precedent for other regions considering similar measures to embrace the ever-evolving landscape of digital currencies.

• Investors have been angling for a share of $ASI as token presale accelerates

• $ASI gears for its first listing in the second quarter

• Investors have earmarked a 10x gain for $ASI

The idea of crypto becoming mainstream has been a hotly contested topic. There have been proponents and naysayers in equal measure. To proponents, however, their wish doesn’t seem more likely than when leading US states like Texas recognize the asset class. It means more room for new crypto projects. An example is AltSignals, which, within a few weeks in presale, has been attractive to users thanks to its innovative AI-based trading platform.

Texas state adds crypto to its Bill of Rights

Legislators in the US state of Texas have voted to amend its Bill of Rights to add digital assets. 139 lawmakers voted in favour of the move, against two, in what would see the state include cryptocurrencies in the state law. Individuals can own, use, and store digital assets in the proposed law.

The proposed legislation is significant as crypto remains an unrecognised asset class under federal law. Leading federal regulators, including the Securities and Exchange Commission, have attempted to reign on the sector with punitive measures. If passed into law, the Texas bill will prohibit the government from hindering ownership or holding of any form of digital asset, allowing it to become mainstream.

Essentially, regulatory uncertainty has been of great concern to crypto innovators. As more jurisdictions like Texas clear the hurdle, crypto will have more room for growth. That will allow new projects like AltSignals to enjoy wider backing. 

Why has AltSignals been a success so far?

AltSignals is a UK trading signal service that was started in 2017. Although it began as a free signal service, strong demand for its trusted services saw it expand quickly, attracting novice and new traders alike. 

So far, AltSignals has generated over 3,780 signals, generating massive returns to its trading community of over 50,000 on Telegram. The company uses algorithm-based indicators to generate quality signals in digital assets, forex, stocks, and CFDs. One of its popular instruments is Binance Futures, which has consistently generated returns for investors with over 80% accuracy. 

ActualizeAI, the new AI-trading platform by AltSignals

AltSignals is moving a step higher in its signal generation service. The platform is integrating artificial intelligence for quality trade signals and risk management. ActualizeAI will be AltSignals’ new AI-based trading service, whose membership will be given by ownership of a new crypto token, $ASI. 

In line with the expected change, AltSignals is releasing $ASI through a presale that is currently 68.72% complete. $ASI owners will unlock membership in ActualizeAI, accessing the trading platform for trading signals and other benefits. 

There are exclusive presale opportunities for $ASI investors, with members also having a say in the governance through their stake. Members can also participate in trading tournaments and earn $ASI contributing to the platform’s developments. 

$ASI prediction in 2023 as presale demand soars

AltSignals token is still in presale, but the demand for the token has been high so far. With less than 32% remaining for the presale to close, analysts have been projecting a 1000% surge in the $ASI price once it debuts on exchanges. This is a genuine projection, given that AltSignals already has an existing community to fuel the demand for the token.

Predictably, $ASI can finish the year at $0.15 or a 10x increase. The token has a listing date in the second quarter of 2023, allowing ample time to hit the projected gain before the end of the year.

Should you invest in $ASI in May?

$ASI price is still low and trades at $0.015 in the initial stage of the presale. Investing while the token is in the presale means getting the token at a discount and enjoying the advantages of being an ActualizeAI member. By the time the token starts to move on exchanges, early investors would be the first to benefit from price increases.

The World Economic Forum (WEF) turns into an advocate for Bitcoin mining, recognizing the economic and environmental benefits of Bitcoin mining. The WEF started supporting some aspects of the crypto market and mining in recent times after criticizing crypto for its high energy consumption.

In a recent video by the World Economic Forum, the organization shared how some crypto miners such as Crusoe Energy can help oil and gas companies mitigate waste and emissions that impact the environment.

In the video, Crusoe Energy CEO Chase Lochmiller explains how the company uses excess natural gas from energy operations to power data centers and crypto mining operations. Crusoe uses the Digital Flare Mitigation technology to eliminate natural gas flaring from oil fields and landfills.

“By doing that, not only do we create a massive emission reduction from this previously wasted source of energy, but we can also product ultra-low-cost computing infrastructure by harnessing this otherwise stranded form of energy.”

Crusoe can relocate their data centers to the location of waste sources of energy and use waste methane streams to power the centers. It helps reduce the environmental impact of methane emissions and makes computing more energy efficient.

Crypto Community Reacts to World Economic Forum Video on Bitcoin Mining

While the crypto community appreciates the WEF’s outlook on the economic and environmental benefits of Bitcoin mining, the video mentions crypto miners as data centers.

MicroStrategy’s executive chairman Michael Saylor noted that the World Economic Forum is recognizing the environmental benefits of Bitcoin mining.

The community asserts crypto mining and bitcoin mining is more energy efficient now as mining companies have switched to renewable sources of energy, making the process for sustainable.

Bitcoin price is currently trading at $27,661, down 1% in the past 24 hours and 8% in a week. The decreased trading volume amid selloffs and Friday’s expiry caused a decline in interest among traders.

Also Read: Bitcoin (BTC) Price: Here’s a Key Network Stat That Shows Good Health

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.