Honduras, a small country in Central America that shares a border with El Salvador, has launched Bitcoin Valley to boost crypto tourism.
Bitcoin Valley is the first bitcoin city in the country, located in the small Honduran tourist town of Santa Lucia. The small tourist town will accept payments in Bitcoins, which is expected to boost tourism revenue for about 60 local businesses.
Tourists visiting the town will now have the option to make payments in US Dollars, Honduran Lempira, and Bitcoin.
The Bitcoin Valley project is designed by Santa Lucia’s municipal government in association with Coincaes crypto exchange, Blockchain Honduras, and the Technological University of Honduras.
Cesar Andino, owner of Los Robles shopping square in Santa Lucia said, “We have to globalize. We cannot close ourselves off from technology and we cannot be left behind when other countries are already doing it.”
How does it work?
Practically speaking, customers who pay for goods and services in Bitcoin will be sending the coins to Coincaes crypto exchange. The exchange will instantly exchange the Bitcoin in local currency or USD and credit the amount to the merchant to avoid loss due to volatility.
With the launch of Bitcoin Valley, Honduras joins the list of a handful of countries that legally allow people to pay for goods and services in cryptocurrencies.
