Did you know that a lot of businesses in the Santa Lucia tourist town are now accepting Bitcoin payments? Digital coins like Bitcoins and similar ones have now become a medium of exchange. Since a lot of business companies are now accepting bitcoins, the future for the coins looks promising. The small tourist town in Honduras, Santa Lucia has begun accepting Bitcoin payments as part of the Bitcoin Valley, as the sources tell us.
So, if you want to know more about this, then you are at the right place. In this article, we shall talk about the reason why businesses in Santa Lucia, Honduras are accepting crypto coins. So, now’s the time to go through this article and get everything that you need to know about it.
What’s The Reason for Accepting Digital Coins As a Payment Medium?
So, the question is, what’s the reason for accepting such a payment option? Well, it’s because they want to increase tourism revenue across 60 local trades. Moreover, the locals of Santa Lucia, Honduras expect the initiative to open up even more prospects for the ships in the area. In other words, they hope to ‘attract more people who want to use this currency’, as the reports tell us.
So, they said, “Accepting bitcoin will allow us to open another market and win more customers. We have to globalize. We cannot close ourselves off from technology, and we cannot be left behind when other countries are already doing it.”
The locals started this program on 28th July. So, they are now allowing the patrons of the local area ships to pay with US dollars, Honduran Lempira, or even BTC. According to the sources, the Municipal Govt of Santa Lucia also developed the Bitcoin Valley program simultaneously with the Coincaex Crypto exchange, the Technological University of Honduras, and Blockchain.
Honduras launches 'Bitcoin Valley' 🇭🇳— Documenting Bitcoin 📄 (@DocumentingBTC) July 29, 2022
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
It’s also worth noting that Coincaex is providing the services and equipment that you need to perform crypto payments. On the other hand, Blockchain Honduras is providing proper info about the use of Crypto wallets.
The Procedure of Payment & The Objectives of The Local Traders
So, as per the sources, we have also gathered the process of payment in Santa Lucia. According to La Prensa, customers can pay for products and services in BTC. However, they will send the coins to the Coincaex exchange first.
Thereafter, Coincaex instantly sends the value of the Bitcoin in Lempira to the merchant to help avoid loss from price volatility. In other words, this will allow the business owners not to directly receive the BTC as payments.
As for the objectives, we have already mentioned that the local business owners feel that the Bitcoin Valley will rekindle tourism spending in this tropical coastal country. The situation was bleak after the major hit of Covid19. Honduras enjoyed around 556 million USD as annual tourism spending in the year 2019. But the following year they saw a steep fall down to 189 million USD.
Thus, Honduras has now joined a small handful of countries in its region and has launched the Bitcoin Valley program. It will allow people to legally pay for services and goods with Crypto coins.