Honduras attracts crypto investor tourists with Bitcoin Valley

cointelegraph.com:

A small tourist town in Honduras has begun accepting Bitcoin payments as part of the “Bitcoin Valley” initiative designed to increase tourism revenue across 60 local businesses.

Some locals of Santa Lucia, like shopping mall owner Cesar Andino, expect the initiative to open up more opportunities for shops in the area and “attract more people who want to use this currency,” according to a report from Honduran news outlet La Prensa. Andino added:

The program started on July 28, allowing patrons of local area shops to pay with United States dollars, Honduran Lempira, or Bitcoin (BTC).

Santa Lucia’s municipal government developed the Bitcoin Valley program in conjunction with the Coincaex crypto exchange, Blockchain Honduras, and the Technological University of Honduras.

Coincaex is providing the equipment and services needed to perform crypto payments, while Blockchain Honduras is providing education on the use of crypto wallets.

Honduras launches 'Bitcoin Valley' Over 60 businesses have adopted #bitcoin in the small town of Santa Lucia. They will get training in the new technology and how to market their products and services.https://t.co/O8nh543ehG

La Prensa explained that although customers can pay for goods and services in BTC, they will be sending the coins to Coincaex exchange. The exchange then instantly sends the value of the BTC in Lempira to the merchant to help them avoid loss from price volatility. Therefore, business owners do not directly receive BTC as payment under this scheme.

Local business owners hope the Bitcoin Valley will re-spark tourism spending in the tropical coastal country after taking a major hit during the COVID-19 pandemic. Honduras enjoyed about $556 million in annual tourism spending in 2019