The Central American country of Honduras has launched the “Bitcoin Valley in the city of Saint Lucia to attract crypto investors from around the world. Many businesses in the city now accept bitcoin payments, according to Reuters.
An overview on the launch of Bitcoin Valley
Honduras latest country to see cities accept cryptocurrency payments, car the tourist town of Saint Lucia now has a “Bitcoin Valley ». Businesses can accept cryptocurrency payments in a town a short drive from the capital, Tegucigalpa.
The launch aims to attract more tourists. Firstly, 60 companies can accept cryptocurrencies. In fact, these companies will be formed before developing them into other fields and businesses.
The deployment was carried out thanks to the collaborations of:
- Guatemalan cryptocurrency exchange Coincaex,
- University of Science and Technology of Honduras,
- Honduras Blockchain Organization
- Municipality of Saint Lucia.
Leonardo paguadafounder of the Honduran blockchain organization, also said that merchants can receive instant payments in local currency.
Caesar andeanmall manager The bone Roblessaid : “It will create more opportunities and pull in more people who want to use this currency. We must globalize. We cannot isolate ourselves from technology and we cannot be left behind when other countries are already doing it.”
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Central American countries are interested in cryptocurrencies.
However, this is not the first time that Honduras has used cryptocurrencies. Like many other countries in the region, the country seems to be preparing for cryptocurrencies.
Indeed, Central American countries have been testing cryptocurrency systems to better assess the risks and benefits. The economic zone of Honduras has recognized Bitcoin as legal tender in April 2022. This while authorizing the taxation of Bitcoin. Additionally, it also allows entities to issue bitcoin bonds.
Obviously, El Salvador is the most enthusiastic about cryptocurrencies, the government recognizing bitcoin as legal tender nationwide. This prompted repeated warnings from global groups. According to them, they could undermine financial stability and fuel illicit activities. So the MFI and the RBI have issued statements regarding the risks of cryptocurrencies. The latter said that concerns about cryptocurrencies have become a reality.