People can use cryptocurrency to purchase slushies on the streets of “Bitcoin Valley,” a project in the tourist destination of Santa Lucia, Honduras, through which the nation has adopted the trend of virtual currencies.
A bitcoin city has emerged in the small mountain town that is 20 minutes from Tegucigalpa, the country’s capital.
In Santa Lucia, owners of both large and small businesses are adjusting to accept bitcoins as payment in an effort to draw in more tourists.
According to Cesar Andino, manager of Los Robles Shopping Square, “It will create more chances and attract more people who wish to utilize this currency.”
The “Bitcoin Valley” project aims to train 60 firms to use cryptocurrencies to sell their goods and services, with the intention of spreading these techniques to other businesses and surrounding communities.
The Blockchain Honduras organization, the Guatemalan cryptocurrency exchange group Coincaex, the Honduran Technological University, and the town of Santa Lucia all worked together to launch the program.
“The people of Santa Lucia will be educated to use and handle cryptocurrency, implementing them in various enterprises in the region and producing crypto-tourism,” said Ruben Carbajal Velazquez, professor at the Technological University.
While some Latin American nations are investigating the possibilities of cryptocurrency, there are dangers.
The cryptocurrency market collapse and distrust from multilateral lenders and ratings agencies hindered the Central American nation’s bet on bitcoin. Its $105 million in publicly stated interests is currently worth around $57 million.
The “Bitcoin Valley” in Honduras will “allow shops to receive quick payments in the local currency, removing cryptocurrencies fluctuation risks,” according to Leonardo Paguada, the organization’s founder. This will help with volatility.
Critics of the growth of bitcoin have cautioned that such activities could encourage money laundering and financial instability while widening the digital divide because the poorest segments of society might find it difficult to utilize the technology.
