Bitcoin Valley Opens In Honduras

Latin American media reported on the opening of the “Bitcoin Valley” (Bitcoin Walley) in Honduras. The government has launched a digital city project in the Santa Lucia region. Thus, the country joins its neighbors who have already launched a similar initiative in Central America – Bitcoin Beach in El Salvador, Bitcoin Lake in Guatemala and Bitcoin Jungle in Costa Rica.

The new digital city is located in a tourist spot about 20 minutes from the capital Tegucigalpa. It became known: citizens of the state and guests of the country got the opportunity to freely buy and sell goods and services for cryptocurrencies throughout the project.

Behind its implementation is the Blockchain Honduras company, Coincaex (Guatemalan cryptocurrency exchange), the Technological University of Honduras, and the local municipality of Santa Lucia. State officials said the launch of the initiative is intended to increase the use of bitcoin and other cryptocurrencies by tourists and also aims to promote the economy of Santa Lucia through crypto tourism and encourage local businesses to start accepting payments in digital assets.

According to the report, the initial plan is for 60 local businesses to adopt cryptocurrencies, and then their experience will be extended to other companies. The Coincaex exchange will save sellers and buyers from worrying about the volatility of virtual assets. Payments will be received by the exchange processing system and converted into fiat currencies at the current rate.