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COSTA RICA: THE NEXT COUNTRY WITH BITCOIN AS A REGULATED CURRENCY?

 


Costa Rica wants to regulate cryptocurrencies

Costa Rica could be on the way to incorporating Bitcoin as part of its economy. This week, Congresswoman Johana Obando introduced a bill aimed at allowing bitcoin and cryptocurrencies as regulated means of payment in the country in a bid to modernize the entire economy.


Bill #23,415 also includes the definition of bitcoin and other cryptocurrencies as virtual personal currency and protects citizens' rights to own such assets. One of the goals of this bill is to provide clarity and protection to people and companies investing in cryptocurrencies, thereby attracting more investments in this space.


Costa Rica could be the next country to adopt Bitcoin as a regulated currency

Costa Rica is to serve as an investment hub

Obando clarified that the bill does not force anyone to accept bitcoin as payment for debt or products, but only creates the ability to do so if both parties agree to a transaction. This differs from what countries like El Salvador have done, which have adopted bitcoin as legal tender.


In an interview on local television, Obando explained:


The cryptocurrency market is very new. The purpose of this bill is to propose Costa Rica as an investment hub for people and companies in the cryptocurrency space who see a niche for growth in Costa Rica.


In my opinion, Costa Rica is taking an important step towards a more modern and innovative future.

The proposed bill also aims to integrate the banking system with the cryptocurrency economy. Among other things, Obando mentions that another goal of the bill is to “ensure banking interoperability of cryptocurrencies by public and private banks on the national territory,” pointing to the potential role of banks as custodial providers and wallet operators, as well as cryptocurrency exchanges.


This could very likely aim to increase the level of financial inclusion at home. Costa Rica has improved its financial inclusion metrics over the past five years, with nearly 82% of citizens over the age of 18 having access to a bank account. If the bill is passed and sanctioned, these numbers could reportedly increase quite a bit.

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