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Honduras has intensified its conflict with crypto-libertarian investors by rejecting the World Bank's International Centre for Settlement of Investment Disputes (ICSID), amidst a legal battle involving the crypto island project Próspera. The country is facing a lawsuit for billions, specifically an $10.8 billion tussle, as it asserts its sovereignty against what it views as corporate colonialism and an investor rights system that could undermine its democracy. Economists and international experts have rallied behind Honduras, supporting its decision to exit the ICSID and its rejection of secret corporate tribunals. This move has sparked a broader discussion on the implications of such arbitration bodies on national sovereignty and democracy. The Próspera project, which has adopted Bitcoin as its unit of account, also faces scrutiny over UN human rights concerns.
Honduras is withdrawing from ICSID, the arm of World Bank that allows corporations to sue states for enacting policies they don’t like. Big news. Rest of signatories need to leave, too. It’s a racket which renders democracy void. Press conf at Presidential Palace in Tegus👇 https://t.co/cBjubG3i2g
NEW: 🇭🇳 Honduras exits the World Bank arbitration body (ICSID) in conflict with the Próspera SEZ, which recently adopted #BTC as its unit of account. ICSID would limit government power and the benefits would be dubious. The project also faces UN human rights concerns. https://t.co/bSDEr0on3M
🇭🇳Honduras Resiste🇭🇳 The Central American country is asserting its sovereignty and democracy, resisting corporate colonialism and an investor rights system that holds governments to ransom. The Progressive International stands with Honduras. Join us. https://t.co/cm0LPUtNhm