- Coincaex introduces BITPOS at Bitcoin Lake in Panajachel, allowing 90+ businesses to accept Bitcoin payments.
- This initiative enhances tourism by making it easier for visitors to transact without converting money into local currency.
In a significant move for both tourism and financial inclusion, the cryptocurrency exchange Coincaex has introduced BITPOS in the scenic town of Panajachel, located near the famous Bitcoin Lake in Guatemala. This step is part of a broader initiative to boost the local economy and enhance the tourism experience by enabling more than 90 businesses in the area to accept Bitcoin (BTC) and other cryptocurrencies as payment.
Bitcoin Lake, located near the beautiful Lake Atitlán—often hailed as the “most beautiful lake in the world”—has become a thriving hub for Bitcoin enthusiasts and tourists alike. With this expansion, visitors no longer need to convert their currency into Guatemalan Quetzales. Instead, they can make seamless transactions using Bitcoin or other cryptocurrencies, providing a more convenient and efficient payment experience.
The BITPOS point-of-sale system, developed by Coincaex, is designed to simplify cryptocurrency payments for merchants. It caters to a wide variety of businesses in Panajachel, ranging from restaurants and artisan shops to tattoo studios and more. By using this technology, local merchants can not only enhance the speed and security of transactions but also lower their operational costs. The reduction in transaction fees, compared to traditional payment methods, helps increase the profitability of these businesses.
This advancement represents more than just a shift in payment methods. It signifies a broader economic transformation aimed at promoting financial inclusion. In regions like Panajachel, where tourism plays a critical role in the local economy, the ability to accept Bitcoin without needing a bank account is a game-changer. The ease of international payments, reduced costs, and increased security are appealing features that draw in a diverse and tech-savvy tourist base.
Coincaex’s strategic introduction of BITPOS is part of a larger effort to position Guatemala as a key player in the global cryptocurrency market. Earlier this year, Coincaex formed a strategic partnership with the ATM provider 5B, leading to the installation of over 2,700 cryptocurrency ATMs across Guatemala. This move has significantly democratized access to cryptocurrencies, positioning Guatemala among the top countries in the world in terms of the number of cryptocurrency ATMs available.
Tourism centered around Bitcoin has grown steadily in the region. Panajachel and other nearby towns at Bitcoin Lake have seen increasing numbers of visitors attracted not only by the breathtaking landscapes but also by the ease of using cryptocurrency in day-to-day transactions. Hotels, restaurants, taxis, and even boat services have embraced Bitcoin, with over 90 businesses in the area now accepting cryptocurrency.
The integration of BITPOS and the expanding use of Bitcoin in this Guatemalan town highlight a shift towards more innovative payment solutions. This development is not just about attracting tourists but also about driving sustainable economic growth. By embracing cryptocurrency, Panajachel and the broader Bitcoin Lake community are setting the stage for a new era of technological innovation and financial resilience.