Honduras Launches a New Initiative to Enhance Crypto Adoption

Iran Confirms Its First Cryptocurrency-Based Import Order
  • Businesses in Santa Lucia now accept Bitcoin (BTC) as a payment method.
  • Bitcoin Valley aims to boost the revenue of around 60 local firms in Santa Lucia.

According to recent reports, Honduras’ first Bitcoin city named, ‘Bitcoin Valley’ has opened in the Honduran tourist town of Santa Lucia. As part of the new Bitcoin Valley initiative, Santa Lucia will accept Bitcoin (BTC) for payments. The project aims to increase tourism revenue across 60 local businesses. 

With the launch of the project, the entrepreneurs in Santa Lucia expect to increase the opportunities for local businesses and attract more people, as per the reports. 

Cesar Andino, a shopping mall owner of Santa Lucia expressed:

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

Bitcoin Expands in Central America 

The Bitcoin Valley was created in collaboration with Blockchain Honduras, the cryptocurrency exchange platform, Coincaex, the Technological University of Honduras, Decentral Academy, and the municipality of Santa Lucia.

A few days before the launch of Bitcoin Valley, Carlos Leonardo Paguada Velasquez, founder of Blockchain Honduras, stated that around 60 businesses will start with the Bitcoin Valley project and the owners of these businesses had received Bitcoin and blockchain technology training from Decentral Academy.

Now, Honduras is also turning towards cryptocurrencies, which allow the citizens to pay for goods and services. Recently, the Honduran Economic Zone recognized Bitcoin as a legal currency, enabling taxes to be paid in the form of BTC. It has also made it possible for businesses to issue Bitcoin bonds.

Central America is fastly adopting cryptocurrencies and the number of users is tremendously increasing in the region. Previously, El Salvador became the first country to accept Bitcoin as legal tender. 

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