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Honduras launches ‘Bitcoin Valley’ in the tourist town of Santa Lucia

Skylar Shaw

Aug 01, 2022 15:44

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People may use cryptocurrency to purchase slushies on the streets of "Bitcoin Valley," a project in the tourist destination of Santa Lucia, Honduras, through which the nation has adopted the trend of virtual currencies.


A bitcoin city has emerged in the little mountain village that is 20 minutes from Tegucigalpa, the country's capital.


In Santa Lucia, owners of both large and small businesses are adjusting to accept bitcoins as payment in an effort to draw in more tourists.


According to Cesar Andino, manager of Los Robles Shopping Square, "It will create more chances and attract more individuals who wish to utilize this money."


The "Bitcoin Valley" initiative aims to teach 60 firms to use bitcoins to sell their goods and services, with the intention of spreading these techniques to other businesses and surrounding communities.


The Blockchain Honduras organization, the Guatemalan cryptocurrency exchange group Coincaex, the Honduran Technological University, and the town of Santa Lucia all worked together to launch the program.


"The people of Santa Lucia will be taught to use and handle cryptocurrency, integrating them in various enterprises in the area and producing crypto-tourism," said Ruben Carbajal Velazquez, professor at the Technological University.


While several Latin American nations are investigating the possibilities of cryptocurrency, there are dangers.


El Salvador approved bitcoin as legal cash in September 2021 and established a "Bitcoin Beach" in the surfing mecca of El Zonte.


The cryptocurrency market collapse and distrust from multilateral lenders and ratings agencies hindered the Central American nation's bet on bitcoin. Its $105 million in publicly stated interests is now worth around $57 million.


The "Bitcoin Valley" in Honduras would "allow shops to receive quick payments in the local currency, removing cryptocurrency fluctuation concerns," according to Leonardo Paguada, the organization's creator. This will help with volatility.


Critics of the growth of bitcoin have cautioned that such activities might encourage money laundering and financial instability while widening the digital divide since the poorest segments of society could find it difficult to utilize the technology.

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