A step closer to cryptocurrency adoption? Honduras has announced the creation of a “Bitcoin Valley”, which will help foster payments in BTC. This is just the latest initiative from the country, which seems to want to rely on this type of asset to grow its economy.
Honduras’ Bitcoin Valley
The so-called “Bitcoin Valley” will be established in Santa Lucia, a small tourist town near the capital of Honduras. There, about 60 merchants will accept payments in cryptocurrency. To do so, they will be offered training to understand the issues and become familiar with the tools.
The initiative has been spearheaded by the Blockchain Honduras association, as well as Coincaex, a cryptocurrency exchange platform based in Guatemala.
Lanzamiento Bitcoin Valley@Blockchain504 @coincaex @UTHEDU pic.twitter.com/36cTLeB2ao
– Blockchain Honduras (@Blockchain504) July 28, 2022
César Andino, the owner of small tourism businesses in Santa Lucia, confirmed to La Prensa that he is betting big on using cryptocurrency:
“In Santa Lucia, we are all going to participate in this project. We’re putting everything into it. Accepting Bitcoin will allow us to open another market, to gain more customers. We have to go global. We can’t close ourselves off to technology and we can’t be left behind when other countries are already doing it. “
Honduras turns to Bitcoin and cryptocurrencies
Honduras had already shown its ambitions to adopt cryptocurrencies. Already, a special economic zone on the island of Roatan, Próspera, had adopted Bitcoin as its legal currency. Honduras was also one of 44 countries that visited El Salvador last May to discuss the adoption of Bitcoin.
All of this is of course part of a wider trend that is increasingly being seen in Latin America. We are seeing countries gradually testing cryptocurrency-based solutions to deal with the loss of value of their fiat currencies. While crypto asset prices are far from having recovered from their dramatic fall in recent months, it shows that their value proposition is still intact.
