Honduras launches ‘Bitcoin Valley’ to boost crypto adoption
Honduras, a country in Central America, has launched ‘Bitcoin Valley’, a project in the country’s city of Santa Lucia, to attract crypto investors from different parts of the world. According to a report by Reuters, a wide range of businesses in the city now accept Bitcoin for payments.
With ‘Bitcoin Valley’, Honduras aims to enter the growing world of crypto-assets. 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 has millions of dollars worth of BTC.
“Not to be outdone by its neighbor El Salvador, Honduras has launched a ‘Bitcoin Valley’ in a city 20 minutes from the capital Tegucigalpa. The Central American nation wants to promote the use of bitcoin, registering 60 businesses to train and adopt crypto assets for their products and services. Although somewhat of a publicity stunt, what has become clear in recent times is developing countries, such as El Salvador and Honduras.[ing] significant potential for the use of crypto-assets, especially when local currencies are inherently volatile,” commented Simon Peters, market analyst at eToro.
El Salvador witnessed a roughly 30% jump in tourism following the introduction of BTC as legal tender in the country. However, the nation is facing some challenges after the recent decline in the price of BTC.
July
Despite the reason Bitcoin lost almost 60% of its value in the first half of 2022, H2 started on a positive note for the crypto-asset. In July, BTC witnessed its best month of 2022 with a price jump of approximately 17%.
“While there is still some way to go to recover H1 losses, cryptoassets like bitcoin are witnessing a mini-revival. BTC last week reached over $24,000 on the eToro platform, after starting the week below $20,000, Peters added.
Honduras, a country in Central America, has launched ‘Bitcoin Valley’, a project in the country’s city of Santa Lucia, to attract crypto investors from different parts of the world. According to a report by Reuters, a wide range of businesses in the city now accept Bitcoin for payments.
With ‘Bitcoin Valley’, Honduras aims to enter the growing world of crypto-assets. 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 has millions of dollars worth of BTC.
“Not to be outdone by its neighbor El Salvador, Honduras has launched a ‘Bitcoin Valley’ in a city 20 minutes from the capital Tegucigalpa. The Central American nation wants to promote the use of bitcoin, registering 60 businesses to train and adopt crypto assets for their products and services. Although somewhat of a publicity stunt, what has become clear in recent times is developing countries, such as El Salvador and Honduras.[ing] significant potential for the use of crypto-assets, especially when local currencies are inherently volatile,” commented Simon Peters, market analyst at eToro.
El Salvador witnessed a roughly 30% jump in tourism following the introduction of BTC as legal tender in the country. However, the nation is facing some challenges after the recent decline in the price of BTC.
July
Despite the reason Bitcoin lost almost 60% of its value in the first half of 2022, H2 started on a positive note for the crypto-asset. In July, BTC witnessed its best month of 2022 with a price jump of approximately 17%.
“While there is still some way to go to recover H1 losses, cryptoassets like bitcoin are witnessing a mini-revival. BTC last week reached over $24,000 on the eToro platform, after starting the week below $20,000, Peters added.
