Honduras, a country in Central America, has launched ‘Bitcoin Valley,’ a project in the country’s town 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 town are now accepting 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 its neighboring country El Salvador officially adopted BTC as legal tender. El Salvador is also holding millions of dollars worth of BTC.
“Not to be outdone by its neighbor El Salvador, Honduras has launched a ‘Bitcoin Valley’ in a town 20 minutes from its capital Tegucigalpa. The central American nation wants to promote the use of bitcoin, signing up 60 businesses to train and adopt the crypto asset for their products and services. While something of a publicity stunt, what’s become clear in recent times is developing nations, such as El Salvador and Honduras see[ing] significant potential for the use of crypto assets, particularly when local currencies are inherently unstable,” Simon Peters, Market Analyst at eToro, commented.
El Salvador witnessed a jump of approximately 30% in tourism after the adoption of BTC as legal tender in the country. However, the nation is facing some challenges after the latest dip in the price of BTC.
Despite the reason that 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 in 2022 with a price jump of approximately 17%.
“While still a way to go to recover losses of H1, crypto assets such as bitcoin are witnessing a mini-revival. BTC last week touched above $24,000 on the eToro platform, having begun the week below $20,000,” Peters added.
This article was written by Bilal Jafar at www.financemagnates.com.