Honduras Welcomes Tourists To Bitcoin Valley In Santa Lucia

• A ‘Bitcoin Valley’ has been opened in Santa Lucia, a town in the mountains 20 km from the capital.
• The project aims to revive the country’s economy, strengthen the tourism sector, & attract crypto talent.
• 60 businesses in Santa Lucia are already enrolled in the program, with training & equipment included.

The small Latin American country of Honduras is welcoming visitors to the tourist city of Santa Lucia, where it has now become possible to pay for a cone of ice cream, a cold brew, or any of the other attractions found throughout the resort using bitcoin (BTC). Honduras joins the growing list of countries to have jumped on crypto trend which has been particularly prominent in Latin America over the last year, especially since El Salvador’s decision to make Bitcoin (BTC) a legal tender.

Bitcoin (BTC) Valley Is Expected to Bring Back Visitors

After a meeting held on Thursday, July 28th, the municipality of Santa Lucia launched the ‘Bitcoin Valley’ in partnership with The Blockchain Honduras Organization, the Coincaex crypto exchange based in the neighboring Guatemala, and the Technological University of Honduras.

Honduras, a country that’s often portrayed by the media as being one of the most dangerous countries in Latin America, has a long history of gang violence and corruption. However, the nation is looking steadfast to the future, and has ambitious plans to put itself at the center of innovation. Therefore, the 60 local businesses participating in the inaugural edition of the BTC event hope to not only make some money, but also to help the country take its first steps to a brighter future.

Mr. Ruben Carbajal Velazquez, a professor from the Technological University of Honduras, explained the matter thus: “Santa Lucia’s community will be educated to use and manage cryptocurrencies, implementing them in different businesses in the region and generating crypto-tourism”.

Local Businesses Won’t Need to Worry About Volatility

While Guatemalan crypto exchange Coincaex will provide the necessary infrastructure for local businesses without the means of accepting Bitcoin (BTC), some argue that the move will bring increased volatility to a country that already finds itself struggling financially.

In spite of that, Leonardo Paguada of the Blockchain Honduras Organization asserts that business owners will be able to convert their revenue straight into local fiat currency: the Honduran lempira. “We will enable merchants to receive instant payments in the local currency, eliminating cryptocurrencies fluctuation risks” the founder of the Blockchain Organization assured concerned parties.

On the Flipside

• The Agreement with the International Monetary Fund may not be enough to save El Salvador.
• Brazilian police has arrested a gang that used crypto to facilitate money laundering and illegal gold mining.

Why You Should Care

Demand for cyptocurrencies has spiked in Latin America over the last couple of years. As such, it provides an excellent opportunity for local businesses in the area to be among the first to test out Bitcoin (BTC) acceptance in a retail setting.