TEGUCIGALPA, Honduras—The Honduran National Banking and Insurance Commission (CNBS) has prohibited cryptocurrencies from the country’s financial system.
The prohibition includes currencies, assets, virtual currencies and other digital assets—anything that operates outside the Honduran Central Bank’s (BCH) supervision. The regulator also demanded that financial institutions work on an educational plan to warn users about the risks of using crypto, Global Finance reported.
CNBS cited the potential for crypto to be used in fraud, money laundering and terrorist financing, stating “they are instruments that are born from the network without any type of support, restriction or border, nor are they currency, legal tender in this country, nor are there protection on deposits constituted with resources of this nature.”
Potential Fraud Cited
The blanket ban applies to all institutions supervised by the CNBS. It prohibits the maintenance, investing, intermediating or operating of cryptocurrencies, crypto assets, virtual currencies, tokens or similar virtual assets unless it was issued or authorized by the central bank, Global Finance said.
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