Bitcoin Valley, the first bitcoin town in Honduras, was launched in Santa Lucia. Businesses in the area will accept bitcoin for payments. “In Santa Lucia, we are all going to be part of this project… Accepting bitcoin will open us up to another market and gain more customers,” said a local business owner.
Bitcoin Valley: First Bitcoin City in Honduras
Bitcoin Valley, the first bitcoin city in Honduras, was launched in the small Honduran tourist town of Santa Lucia, located 20 minutes from the capital Tegucigalpa.
The initiative was jointly developed by Blockchain Honduras, the Guatemalan cryptocurrency exchange Coincaex, the Technological University of Honduras, the Decentralized Academy and the Municipality of Santa Lucia. Blockchain Honduras announced the launch of Bitcoin Valley on Thursday.
Cesar Andino, owner of the Los Robles commercial plaza in Santa Lucia where several commercial establishments operate, will accept bitcoin in addition to US dollars and Honduran lempiras. He told publication La Prensa last week that he was waiting to receive a point-of-sale (POS) device that would allow him to accept cryptocurrency, adding:
In Santa Lucia, we are all going to participate in this project… Accepting bitcoin will open us up to another market and win more customers.
“We need to globalize. We cannot close ourselves to technology and we cannot be left behind when other countries are already doing it,” he added.
Carlos Leonardo Paguada Velasquez, founder of Blockchain Honduras and representative of the Central American Association of Cryptocurrency Users (Acucrip), told the publication a few days before the official launch of Bitcoin Valley:
Around 60 companies will start with the Bitcoin Valley project.
He noted that the owners of these companies have received training from Decentral Academy on the use of bitcoin and the technology behind it.
Coincaex provides point-of-sale devices to merchants to allow them to accept BTC. Regarding bitcoin’s volatility, Paguada explained that Coincaex “assumes all the risk.”
For example, he said that if a family buys pupusas at a restaurant in Santa Lucia and pays in bitcoins, the equivalent purchase amount in lempiras will be deducted from the family’s bitcoin wallet. Coincaex will receive BTC and transfer the payment in Lempiras to the restaurant. “Business owners will not receive bitcoin. They will receive lempiras from Coincaex,” he clarified.
Ruben Carbajal Velazquez, a professor at the Technological University, was quoted by Reuters as saying: “The community of Santa Lucia will be educated to use and manage cryptocurrencies, implementing them in different businesses in the region and generating crypto-tourism”.
What do you think of the Bitcoin Valley initiative in Honduras? Let us know in the comments section below.
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