Próspera, a Special Economic Zone in Honduras, a Central American country, has announced that Bitcoin and other cryptocurrencies operate as legal tenders within its jurisdiction.

A special economic zone is a part of the country with distinct business and trade regulations than the rest of the country.

Although Honduras’ central bank has not approved Bitcoin to be recognized as a legal tender like El Salvador, individuals and businesses within Próspera’s jurisdiction can use Bitcoin for payment.

According to a statement, municipalities, local governments, and international firms can also issue Bitcoin Bonds while complying with world-class standards for AML and KYC.

“Próspera jurisdiction can enable municipalities in Honduras to issue Bitcoin Bonds to attract foreign direct investment directly to where it is needed most. Non-US companies and other political subdivisions from around the world can also issue Bitcoin Bonds through Próspera’s innovative regulatory system.”

Próspera aims to enable local communities to pluck into the many opportunities the booming crypto market offers.

Bitcoin and other cryptocurrencies are also used as a form of payment for taxes and fees. Capital gains taxes do not apply to bitcoin and other cryptocurrencies.