Honduras opens “Bitcoin Valley” in the tourist town of Santa Lucia

Within the framework of the project, 60 companies will be trained and will integrate cryptocurrencies into their business

30.07.2022 - 07:30

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What’s new? Honduras has launched its own crypto hub “Bitcoin Valley” in the tourist city of Santa Lucia. The project will involve 60 firms that will first receive training in blockchain technologies and then integrate cryptocurrencies into their businesses. According to Reuters, Bitcoin Valley was created in partnership with the Block Chain Honduras organization, the Guatemalan cryptocurrency exchange platform Coincaex, the Technological University of Honduras, and Santa Lucia's municipality.

Reuters’ material

More details about the initiative of Honduras. Ruben Carbajal Velazquez, professor at the Technological University, said that “Santa Lucia's community will be educated to use and manage cryptocurrencies, implementing them in different businesses in the region and generating crypto-tourism.”

To cope with market volatility, the Honduran “Bitcoin Valley” will allow merchants to receive instant payments in the local currency, eliminating the risks of fluctuating digital asset rates, explained Leonardo Paguada, founder of the Block Chain Honduras organization.

Some Latin and Central American countries already use bitcoin, such as El Salvador, which adopted the first cryptocurrency as an official tender in September 2021. However, it was previously reported that the collapse of the crypto market could increase the likelihood of El Salvador defaulting. The country’s national debt exceeds $24 billion, and the country’s bitcoin assets have fallen by more than a third.

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