Bitcoin Valley, the first bitcoin city in Honduras, was inaugurated in Saint Lucia. Companies in the area will accept bitcoins for payments. “In Santa Lucia, we will all participate in this project … Accepting bitcoin will open us to another market and gain more customers“Said a local entrepreneur.
Bitcoin Valley: first bitcoin city in Honduras
Bitcoin Valley, the first bitcoin city of Honduras, was launched in the small Honduran resort town of Santa Lucia, located 20 minutes from the capital Tegucigalpa.
The initiative was jointly developed by Blockchain Honduras, the Guatemalan cryptocurrency exchange Coincaex, the Honduras University of Technology, the Decentral Academy and the municipality of Santa Lucia. Blockchain Honduras announced the launch of Bitcoin Valley on Thursday.
Cesar Andino, owner of the Los Robles shopping plaza in Santa Lucia where several businesses operate, will accept bitcoin as well as US dollars and Honduran lempiras. He told the publication The Press last week he was waiting to receive a POS device that would allow him to accept cryptocurrency, adding:
In Santa Lucia, we will all participate in this project … Accepting bitcoin will open us to another market and allow us to acquire more customers.
“We need to globalize. We cannot close ourselves to technology and we cannot be left behind when other countries are already doing so“, He added.
Carlos Leonardo Paguada Velasquez, founder of Blockchain Honduras and representative of the Central American Association of Cryptocurrency Users (Acucrip), told the publication just days before the official launch of Bitcoin Valley:
About 60 companies will start with the Bitcoin Valley project.
He noted that the owners of these companies have received training from the Decentral Academy on the use of bitcoin and the technology behind it.
Coincaex provides POS devices to merchants to allow them to accept BTC. Regarding the volatility of bitcoins, Paguada explained that Coincaex “assumes all risks.“
For example, he said that if a family buys pupuse in a restaurant in Santa Lucia and pays in bitcoins, the equivalent of the purchase in lempiras will be subtracted from the family’s bitcoin wallet. Coincaex will receive BTC and transfer the payment in Lempiras to the restaurant. “Entrepreneurs will not receive bitcoins. They will receive Coincaex lempiras“, He clarified.
Ruben Carbajal Velazquez, a professor at Technological University, was quoted by Reuters as saying: “The Saint Lucia community will be trained in the use and management of cryptocurrencies, implementing them in various activities in the region and generating crypto tourism.“