Bryan Kinard 
A lot of businesses in the city of Santa Lucia are beginning to accept Bitcoin. They hope that the gesture will increase spending on tourism. An initiative “Bitcoin Valley” was created to boost revenue from tourism across local businesses.
Adopting Bitcoin, One City at a Time
Santa Lucia locals such as Cesar Andino who owns a shopping mall are expecting the initiative to increase opportunities in the area. He also expects it will attract more people who want to use cryptocurrencies.
Honduras news media, La Prensa, quoted Andino as saying taking Bitcoin will help open another market and get more customers. Businesses in Honduras have to be globalized. He said Honduras cannot close itself out of technology and can’t be behind other countries.
The Bitcoin Valley initiative began on the 28th of July. It lets customers of local shops pay in Bitcoin, USD, or the country’s Lempira.
The Bitcoin Valley initiative was crafted by the municipal government of Santa Lucia. It was done in conjunction with Blockchain Honduras, Technological University of Honduras, and Coincaex crypto exchange.
Blockchain Honduras provides public education on how to use crypto wallets. Coincaex, on the other hand, provides the services and equipment needed to carry out the payments.
La Prensa clarified that customers will have to send their Bitcoin payments for services and goods to Coincaex exchange. The exchange will then send the Lempira equivalent of the Bitcoin to the merchant immediately. The instant transaction will help the merchant avoid any loss that could come from volatility.
Re-Igniting Tourism
So, the scheme does not let business owners receive Bitcoin directly. Business owners in the locality are hoping the initiative will re-ignite tourism. The industry took a major hit as a result of the COVID pandemic.
The coastal country had an inflow of $556 million from tourism in 2019 but it dropped by 66% as of 2020. Macrotrends put the earnings that year at $189 million.
Honduras is now part of the countries in Latin America that have such programs up and running. A number of countries in the region have legalized cryptocurrencies for settlement.
El Salvador adopted Bitcoin to become its legal tender in 2021 along with a nationwide movement to educate citizens on its use. The country is also building a Bitcoin City to power various Bitcoin projects in the future.
Guatemala has a “Bitcoin Lake” scheme going on at tourist locations close to Lake Atitlan around Sierra Madre Mountains. The Mayor of Panajachel, Cesar Piedrasanta. Is said to be mining Bitcoin in the region.
