Honduras Draws In Crypto Investors With Bitcoin Valley

Honduras draws in crypto investors with Bitcoin Valley in an effort to increase tourism spending, which has resulted in several establishments in Santa Lucia, a popular tourist destination, accepting Bitcoin payments.

As part of the “Bitcoin Valley” initiative to boost tourism revenue across 60 local businesses, a small tourist town in Honduras has started accepting Bitcoin payments.

According to a report from the Honduran news outlet La Prensa, some locals in Santa Lucia, like shopping mall owner Cesar Andino, anticipate the initiative to increase opportunities for local businesses and “attract more people who want to use this currency.”

The initiative launched on July 28 and enables customers of nearby businesses to pay with US dollars, Honduran Lempira, or Bitcoin (BTC).

The Bitcoin Valley program was created by the municipal government of Santa Lucia in collaboration with the Honduran Technological University, Blockchain Honduras, and the cryptocurrency exchange Coincaex.

While Blockchain Honduras offers instruction on the use of crypto wallets, Coincaex provides the tools and services required to carry out cryptocurrency payments.

Although customers can pay in Bitcoin for goods and services, La Prensa explained that they will be sending the coins to the Coincaex exchange. To help the merchant prevent loss due to price volatility, the exchange then immediately sends them the value of the BTC in Lempira. As a result, under this system, business owners do not receive payment in BTC directly.

Local entrepreneurs are hoping that the Bitcoin Valley in Honduras draws in crypto investors and will revive tourism spending in the tropical coastal nation, which was severely hit by the COVID-19 pandemic. According to data from Macrotrends, a global economic tracker, Honduras experienced about 6 million in annual tourism spending in 2019 before seeing a sharp decline of more than 66 percent to 9 million in 2020.
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Honduras joins a small group of nations in the region that have started similar initiatives to allow people to use cryptocurrency for legal purchases of goods and services.

El Salvador made headlines in 2021 when it made BTC legal tender and launched a nationwide campaign to inform people about its benefits. In the town of El Zonte, it has opened a similar tourist destination called “Bitcoin Beach.”

At tourist (investor) destinations near Lake Atitlan in the Sierra Madre Mountains, Guatemala has its “Bitcoin Lake” initiative. Using energy that, according to Mayor Cesar Piedrasanta of Panajachel in the area, would otherwise be wasted and unused, he has also been mining BTC.

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