Honduras Launches Its First “Bitcoin City: Bitcoin Valley

Updated:

The first Bitcoin city has launched in Honduras. The city name “Bitcoin Valley” is situated in the small tourist town of Santa Lucia and is only 20 minutes away from the country’s capital city of Tegucigalpa.

The tourism project was a joint initiative by Blockchain Honduras, Guatemalan crypto exchange Coincaex, the Technological University of Honduras, Decentral Academy, and Santa Lucia’s municipality.

The Los Robles shopping square in Santa Lucia will have several merchants accepting Bitcoin for payment of goods or services, alongside the US dollars and the Honduran lempiras. The owner of the facility, Cesar Andino, told a news publication last week that he was awaiting the delivery of a point-of-sale (POS) device that would allow for the acceptance of cryptocurrency. Andino added:

“In Santa Lucia, we are all going to participate in this project … Accepting bitcoin will open us to another market and win more customers.”

He added: “We have to globalize. We cannot close ourselves off from technology, and we cannot be left behind when other countries are already doing it.”

Meanwhile, Carlos Leonardo Paguada Velasquez, founder of Blockchain Honduras and a representative of the Central American Association of Cryptocurrency Users (Acucrip), told La Prensa publication before the official Bitcoin Valley launch that “around 60 businesses will start with the Bitcoin Valley project.”

Velasquez further noted that owners of these businesses have been trained on how to use Bitcoin and everything about it by Decentral Academy.

Coincaex Will Assume All Bitcoin Volatility Risks In Honduras Bitcoin Valley Project

Finally, Coincaex is in charge of delivering Bitcoin-compatible POS devices to merchants in the project. The exchange also noted that merchants had nothing to worry about when it comes to Bitcoin’s volatility, noting that it would bear all associated risks.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.