Honduras launches Bitcoin Valley

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The small Central American country launches one bitcoin valley develop the region and promote the introduction of cryptocurrencies. Businesses in the city of Santa Lucia, Honduras, are now accepting payments in BTC. The country wants to become a neighbor of El Salvador cryptocenter in the region.

Honduras aims to become a global crypto hub

Honduras, a Central American country and neighbor of El Salvador, launched “Bitcoin Valley” project in the city of Santa Lucia, in the countryside, for example attract cryptocurrency investors from around the world. Many businesses in the city now accept payments in Bitcoin, according to a Reuters report.

FROM “Bitcoin Valley”Honduras wants to enter the booming world of cryptocurrencies. The latest announcement from the Central American nation came nearly 10 months after neighboring El Salvador officially adopted BTC as legal tender. El Salvador also holds millions of dollars worth of BTC.

To keep up with its neighbor El Salvador, Honduras has launched a “Bitcoin Valley”. The city is located 20 minutes from its capital Tegucigalpa.. The Central American country wants to encourage the use of bitcoin and promises to create and launch 60 companies. Introduce cryptocurrency for your products and services.

Bitcoin Valley Lanzamiento @ Blockchain504 @coincaex @UTHEDU pic.twitter.com/36cTLeB2ao

– Blockchain Honduras (@ Blockchain504) July 28, 2022

Cesar Andino, head of several small travel companies in Santa Lucia, told the local newspaper La Prensa that he is betting. a lot about the use of cryptocurrency:

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In Santa Lucia, we will all participate in this project. We put everything there. The adoption of Bitcoin will allow us to open another market and attract more customers. We have to globalize. We cannot rule out technology and be left behind when other countries are already doing it.

Even if this is so far basically a publicity stuntIt has recently become clear that developing countries such as El Salvador and Honduras Significant potential for the use of cryptographic assetsespecially if local currencies are inherently unstableSimon Peters, Market Analyst at eToro, commented.

In the footsteps of the Salvadoran neighbor

Do you remember El Salvador became the first country to accept bitcoin as legal tender. in September 2021. President Naib Bukele sees wealth as a way to develop and strengthen the financial inclusion of his people. Therefore, the country is betting big on the king of cryptocurrencies.

El Salvador survived it A leap in tourism of about 30% after the adoption of BTC as legal tender in the country. However, the country is facing some problems after the recent drop in the price of BTC. The country will currently have around 2,301 BTC for which it would pay $ 105.6 million. At the current price, that would be only $ 52 million, then Decrease about 50% of their BTC reserves.

This introduction of Bitcoin is also frowned upon by international organizations and by you in particular. The IMF says the country has gone too far. If the International Monetary Fund recognizes that cryptocurrencies can lead to greater access to financial services, it thinks so. The country should not have been legal tender in bitcoin.

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The object explains:

The use of Bitcoin poses significant risks to financial stability, financial integrity and consumer protection. ” [du Salvador] Limit the scope of the bitcoin law by removing the legal status of bitcoins.

Despite his objections, the Salvador project remains unchanged, and Tweet from President Naib Bukele The description of new bitcoin purchases in the country continues to thrive on social media.

Salvador just bought a dip! 🇸🇻

500 coins at an average price of $ 30,744 in USD 🥳 # Bitcoin

– Nayib Bukele (@nayibbule) May 9, 2022

Therefore, El Salvador continues to believe in the future of bitcoin and has many projects, such as mining bitcoin using the energy of volcanoes. The next few years will tell us if this strategy is successful to a small Central American country and its neighbor Honduras.

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