With dozens of residential units and four commercial warehouses, Community Artists is the biggest landlord in Ciudad Morazán and interacts with almost every resident and business in Morazán in some capacity. During these interactions, it has received a number of requests from residents about alternative payment methods that are cheaper than the ~$1.5 fee that it costs to send a Honduran ACH bank transfer, which amounts to more than 1% of rental costs.
After seeing the successful implementation of eCash support at the Morazán Minimart and the utility company CHEM and doing a beta program of its own, Community Artists has officially decided to roll out eCash and eLPS (a Lempira-denominated eToken) payments.
This change is expected to benefit all of its tenants as well as Morazán as a whole. Residential tenants can save more than 1% by using electronic cash instead of ACH transfers for rent payments and much more for repair fees and other smaller charges.
However, residents are not the only ones who will benefit. Businesses and commercial tenants (almost all of whom take eCash and eLPS) will now be able to pay one of their biggest expenses (rent) with electronic cash– significantly reducing the on/off ramp costs of crypto acceptance. In addition to helping its residents save on bank fees, the openness of Morazán ZEDE and its businesses have the potential to greatly benefit the city’s prosperity by creating a solid circular economy and a more robust and inclusive financial system.
With Community Artist’s official acceptance of eCash and eLPS, Morazán city has become one of the few places in the world where people can live their entire life using peer-to-peer electronic cash!