Bitcoin

Honduras Launches ‘Bitcoin Valley’

Honduras Launches 'Bitcoin Valley'

Coined Bitcoin Valley, a local Bitcoin hub, has been launched in the tourist town of Santa Lucia, Honduras.

A man checks his cryptocurrencies app during the kick off of the ‘Bitcoin Valley’ project that seeks to establish a Bitcoin circular economy through the use of cryptocurrencies, in Santa Lucia, Honduras July 28, 2022. Source: REUTERS/Fredy Rodriguez

The private initiative aims to create a circular Bitcoin economy and increase the flow of tourists in the region by marketing the acceptance of BTC in local shops, reported local news publication Diario La Prensa.

Cesar Andino, owner of tourist businesses in Santa Lucia, per a translated version of the report:

“Accepting bitcoin will allow us to open another market, win more customers. We have to globalize. We can’t close ourselves off from technology and we can’t be left behind when other countries are already doing it.”

People walk past a restaurant, one of the business that will receive cryptocurrencies as payment, during the kick off of the ‘Bitcoin Valley’ project that seeks to establish a Bitcoin circular economy through the use of cryptocurrencies, in Santa Lucia, Honduras July 28, 2022. Source: REUTERS/Fredy Rodriguez

According to Reuters, the initiative was launched on Thursday as a collaboration between the Blockchain Honduras group, the Guatemalan cryptocurrency exchange Coincaex, the Technological University of Honduras, and the municipality of Santa Lucia.

Carlos Leonardo Paguada Velasquez, the creator of Blockchain Honduras and representative of the Central American Association of Cryptocurrency Users, stated that the initiative would be launched by roughly 60 enterprises whose owners have undergone Bitcoin training.

According to Paguada Velasquez, Coincaex will provide merchants with the necessary equipment to accept Bitcoin as payment. The initiative solely aims to increase tourist spending on Bitcoin as Coincaex’s point of sale (POS) machine attempts to ease the volatility of BTC by delivering the local fiat currency to the merchant instead.

A partial view of the town of Santa Lucia is pictured during the kick off of the ‘Bitcoin Valley’ project that seeks to establish a Bitcoin circular economy through the use of cryptocurrencies, in Santa Lucia, Honduras July 28, 2022. Source: REUTERS/Fredy Rodriguez

Aside from merchant acceptance, the program intends to promote local Bitcoin and cryptocurrency education. Local students and businesspeople can enroll in Bitcoin and related technology classes that will continue for more than a month.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.