The Central American country of Honduras is set to make an announcement this week that would make Bitcoin legal tender within the country.
According to reports, Honduras president, Xiomara Castro, believes that recognizing Bitcoin as legal tender will enable the country to “escape” dollar hegemony. She has also declared that Honduras “has the right to move towards the First World countries.”
Despite the fact that Honduras has its own fiat currency, the lempira, the US dollar is widely accepted in Honduras’ Bay Island as well as numerous tourist spots and hotels. As a result, Bitcoin could assist Honduras in gaining independence from the US dollar.
In other news, the Southeast Asian country of Malaysia is debating whether to declare Bitcoin legal tender, according to the source.
Following a query from the opposition, Malaysia’s Deputy Minister of Communications and Multimedia Zahidi Zainul Abidin allegedly raised the issue in Parliament saying, “We hope the government can accept this.”
According to the reports, Zahidi made more remarks. He believes that legalizing cryptocurrencies and regulating the technology will encourage more young people to use cryptocurrency. He also stated that legislation may contribute in reducing the energy consumed by blockchain mining.