Regulation of Cryptocurrency in Belize known as British Honduras

Belize formerly known as British Honduras is a Caribbean country located on the northeastern coasts of central America.  Belize is bordered on the north by Mexico, on the east by the Caribbean Sea, and on the south and west by Guatemala.

The mainland of this country covers an area of about 22,970 km² and a population of 419,199. Its mainland is about 290 km long and 110 km wide. It has the lowest population in Central America.

The European contact with the Belize mainland began in 1492 when Christopher Columbus sailed along the Gulf of Honduras. Then it became a British colony in 1840, known as British Honduras and a Crown colony in 1862. Finally, it gained independence from the United Kingdom on 21 September, 1981.

Belize has a diverse society that consists of many cultures and languages. This diversity reflects its rich history. Belize is the only Central American country where English is the official language, while Belizean Creole is the native language of over a third of the population. Over half the population is multilingual and Spanish is the second most widely spoken language in the country.

Belize is known for its September Celebrations, its extensive coral reefs, and Punta music.

Economy

Belize has a small and mostly private economy which is mostly based on agriculture and merchandising. Tourism and construction has recently gained popularity in this country. It is also a producer of industrial minerals and oil.

Since 2017, oil production is about 2000 barrels per day. In agriculture, like colonial times, sugar has remained as the chief crop which include half of the exports. Banana industry in Belize is the largest industry.

The government has serious challenges to keep economic stability. Infrastructure poses a great challenge to economic development and it is said that Belize has the most expensive electricity in the region. Its major trade partners are The United States of America, Mexico, Britain and European Union.

Belize has four major commercial bank groups of which the largest and the oldest is Belize Bank. The other three are Heritage Bank, Atlantic Bank, and Scotiabank.

The official currency of this country is Belize Dollar which is pegged to the US Dollar. Belize banks also allow non-residents to establish bank accounts.

Cryptocurrency Regulations

Belize does not appear to have any legislation that specifically regulates cryptocurrencies. Trading businesses are regulated by the International Financial Services Commission of Belize. The given commission does not appear to issue licenses for companies to engage in cryptocurrency exchanges.

Reference: Counos