Santa Lucia is home to Bitcoin Valley. This city was the first in Honduras that accepts bitcoin. Bitcoin payments will be accepted by local businesses. “In Santa Lucia, we are all going to participate in this project … Accepting bitcoin will open us to another market and win more customers,” said a local business owner.
Bitcoin Valley: First Bitcoin City of Honduras
Bitcoin Valley is the Honduran capital’s first Bitcoin city. It launched in Santa Lucia (20 minutes)
The initiative was jointly developed by Blockchain Honduras, Guatemalan cryptocurrency exchange Coincaex, the Technological University of Honduras, Decentral Academy, and Santa Lucia’s municipality. Bitcoin Valley launched by Blockchain Honduras on Thursday.
Cesar Andino is the owner of Los Robles, Santa Lucia’s shopping center where many commercial establishments are located. He will also accept U.S. dollars as well as Honduran lempiras. Last week, he told La Prensa that he was waiting for a point of sale (POS) device to allow him to take the cryptocurrency.
In Santa Lucia, we are all going to participate in this project … Accepting bitcoin will open us to 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,” he added.
Carlos Leonardo Paguada Velasquez was the founder of Blockchain Honduras. He also served as a representative of Central American Association of Cryptocurrency Users.
The Bitcoin Valley Project will bring together approximately 60 companies.
Decentral Academy has provided training to these business owners on how to use bitcoin and its technology.
Coincaex provides POS equipment to merchants that allow the acceptance of bitcoin. Regarding the volatility of bitcoin, Paguada explained that Coincaex “assumes all risks.”
For example, he said if a family buys pupusas in a restaurant in Santa Lucia and pays with bitcoin, the equivalent purchase amount in lempiras will be deducted from the family’s bitcoin wallet. Coincaex will transfer payment in lempiras from the restaurant to receive BTC. “Business owners will not receive bitcoin. They will receive lempiras from Coincaex,” he clarified.
Ruben Carbajal Velazquez, professor at the Technological University, was quoted by Reuters as saying: “Santa Lucia’s community will be educated to use and manage cryptocurrencies, implementing them in different businesses in the region and generating crypto-tourism.”
How do you feel about Honduras’ Bitcoin Valley Initiative? Comment below to let us know your thoughts about the Bitcoin Valley initiative in Honduras.
Credits for the imageShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.