– A tourist town in Honduras, Santa Lucia, has begun accepting Bitcoin (BTC) payments as part of the Bitcoin Valley initiative.
– The initiative is designed to increase tourism revenue across 60 local businesses.
– Some locals expect the initiative to open up more opportunities for shops in the area and attract more people who want to use cryptocurrency.
– The program started on Thursday, allowing patrons of local area shops to pay with United States dollars, Honduran Lempira or Bitcoin.
– Santa Lucias municipal government developed the Bitcoin Valley program in conjunction with the Coincaex crypto exchange, Blockchain Honduras and the Technological University of Honduras.
– Coincaex is providing the equipment and services needed to perform crypto payments, while Blockchain Honduras is providing education on the use of crypto wallets.
– La Prensa explained that although customers can pay for goods and services in BTC, they will be sending the coins to the Coincaex exchange. The exchange then instantly sends the value of the BTC in Lempira to the merchant to help them avoid loss from price volatility.
– Local business owners hope the Bitcoin Valley will re-spark tourism spending in the tropical coastal country after taking a major hit during the COVID-19 pandemic.
– Honduras joins a small handful of countries in the region that have launched similar programs for people to legally pay for goods and services with cryptocurrency.