The Reuters newswires report that in the Honduran tourist enclave of Santa Lucia, an initiative called “Bitcoin Valley” has allowed the country to join the digital currency movement by allowing locals to pay for slushies with bitcoin.
The highland town of Tegucigalpa, just 20 minutes away, has turned into a bitcoin hotspot.
Santa Lucia’s establishments of all sizes are adapting to accepting bitcoins as a form of payment in an effort to attract more visitors.
According to Cesar Andino, the manager of Los Robles shopping centre in Los Angeles, more people will want to use this currency as a result.
The “Bitcoin Valley” project aims to train and use bitcoins to sell the products and services of 60 firms, with the goal of spreading these practises to other businesses and the surrounding area in the near future.
The Blockchain Honduras group, Coincaex, the Guatemalan cryptocurrency exchange consortium, the Technological University of Honduras, and the Municipality of Santa Lucia collaborated on the effort.
Santa Lucia’s population will be educated to use and handle cryptocurrency, integrating them into different enterprises in the region and producing crypto-tourism, said Ruben Carbajal Velazquez, professor at the Technological University. Ruben stated
While certain Latin American countries are exploring the potential of cryptocurrencies, there are some concerns to be aware of.
El Salvador will legalise bitcoin as legal cash in September 2021, and the municipality of El Zonte, a popular surfing destination, will have a ‘Bitcoin Beach.’
The cryptocurrency market’s decline and distrust from international lenders and ratings agencies hindered the Central American country’s attempt to invest in the digital currency bitcoin. Since its public disclosure of $105 million, the company’s holdings are now worth approximately $57 million.
Blockchain Honduras inventor Leonardo Paguada said the country’s “Bitcoin Valley” will eliminate currency fluctuations by allowing businesses to accept quick payments in local currency.
Those who are opposed to the further expansion of bitcoin have expressed concern that such activities could exacerbate the digital divide by encouraging money laundering and other forms of financial instability.
