The Central Bank of Honduras has published a release that seeks to clarify the stance the institution takes about the use of cryptocurrencies in the country. The organization states that even with the popularity such instruments have attained in other countries, cryptocurrencies have no backing of any sort, and are also affected by high levels of volatility. “Any transaction carried out with them will be under the responsibility and risk of the person who performs it.”
Cryptocurrencies are still in a legal gray area in Honduras, as their existence is not acknowledged in any bill yet. Due to this, the bank warned citizens about them, stating:
Cryptocurrency assets do not have support, so they are not regulated nor is their use guaranteed, therefore, they do not enjoy the protection granted by national laws.
Another problem the organization mentions has to do with the volatility of crypto assets. The Central Bank of Honduras states that these assets can lose value abruptly, as they have been doing since 2021, losing more than 60% in the market. In the same way, the bank criticizes the use of these tools as a payment method, explaining that:
Any transaction carried out with them will be under the responsibility and risk of the person who performs it.
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