- CNBS has banned banks from storing and transacting in crypto assets.
- The Central Bank of Honduras cannot guarantee the security of transactions involving digital assets.
- The ruling notes that blockchain technology is susceptible to fraud and high risk.
The National Commission of Banks and Securities of Honduras (CNBS) has banned the storage and transaction of crypto-assets.
The statement said blockchain technology is prone to fraud, operational and legal risks. Users of crypto-assets could face a sudden halt in accepting and disbursing funds at any time, CNBS officials said.
According to the regulation, the Central Bank of Honduras cannot guarantee the security of such transactions. The commission also notes that, due to the “unregulated nature” of the industry, digital assets are often used to finance terrorism and money laundering.
In addition to holding and conducting transactions, regulated entities are prohibited from dealing with derivatives based on the industry’s products.
“Prohibit institutions supervised by the National Banking and Securities Commission from holding, investing, brokering or dealing in cryptocurrencies, cryptoassets, virtual currencies, tokens or any other similar virtual assets,” the regulation reads.
The document is presented on February 15, 2024 and came into effect immediately after publication.
Recall, we wrote that in the economic zone of Honduras bitcoin recognized as a unit of account.
