Honduras’ Santa Lucia Launches ‘Bitcoin Valley’ Merchant Center

Honduras has launched a ‘Bitcoin Valley’ within the vacationer city of Santa Lucia. The purpose is to encourage tourism, with 60 companies initially providing the fee function.

Honduras is the most recent nation to see a city settle for cryptocurrency as fee, because the vacationer city of Santa Lucia now has a “Bitcoin Valley.” Companies can settle for cryptocurrencies for fee within the city, which is a brief drive from the capital of Tegucigalpa.

The launch is a bid to draw extra tourism. Different international locations, together with El Salvador, have benefited from changing into extra crypto-friendly, attracting vacationers and entrepreneurs alike. Initially, 60 companies will be capable of settle for cryptocurrencies, and they are going to be educated to take action earlier than it’s expanded to different areas and companies.

Honduras’ Blockchain Honduras group, Guatemalan cryptocurrency change Coincaex, the Technological College of Honduras, and Santa Lucia’s municipality have collectively collaborated on the trouble. Leonardo Paguada, the founding father of the Blockchain Honduras group, additionally stated that retailers will be capable of obtain on the spot funds within the native forex.

Nevertheless, this isn’t the primary time that Honduras has labored with crypto. The nation seems to be warming as much as crypto, like many others within the area.

Honduras and different Central American international locations eyeing crypto

International locations within the Central American continent have been testing crypto initiatives to higher weigh the dangers and advantages. The Honduras Financial Zone acknowledged bitcoin as a authorized tender in April 2022 and allowed taxes to be paid in BTC. It has additionally permitted entities to concern bitcoin bonds.

In fact, El Salvador is probably the most gung-ho about crypto, with the federal government recognizing bitcoin as a authorized tender nationally. This has repeatedly resulted in warnings from international organizations, who fear that it could danger monetary stability and facilitate illicit exercise.

Experiments carefully watched by international organizations

The Worldwide Financial Fund (IMF) and the Financial institution for Worldwide Settlements (BIS) have each issued statements in regards to the dangers of cryptocurrency. The latter stated that the fears of crypto have come true, pointing to the current market crash and TerraUSD collapse.

The IMF has expressed concern over adopting bitcoin as a authorized tender for El Salvador and the Central African Republic. It has additionally been stated that DeFi poses a danger to monetary markets and desires regulation.


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