Costa Rica is planning to integrate bitcoin into their economic system. Johana Obando, a congresswoman recently issued a bill about accepting cryptocurrencies as a mode of payment. The move didn’t surprise the citizens because the country has always acted as a crypto haven. Most of you may be unaware that Costa Rica is one of the countries which allow employers to pay salaries in cryptocurrency. Well, certain norms and restrictions surround accepting crypto as payment from employers.
Costa Rica adopts cryptocurrency
Costa Rica intends to modernize its economy by exploring new possibilities offered by innovative technologies. Upon close analysis of the bill, it clearly defines cryptocurrency and how the country wishes to safeguard citizens’ rights who possess digital assets. Per reports, a primary objective the bill intends to achieve is to make a volatile asset like crypto safe to use as a payment mode.
Based on a decentralized system that forms the foundation of crypto’s invention by the anonymous Satoshi Nakamoto has led to some severe problems, including the illegal use of digital currencies. This bill won’t force anyone to use bitcoin or any other currency for payments. The jurisdiction followed by the country is a bit different from EI Salvador as the latter adopted bitcoin as a legal tender.
While speaking on the initiative, Obando said that as the crypto market is new, the bill intends to give Costa Rica the status of a crypto investment center.
The government wishes to embark on the path of enhancing financial inclusion and helping the economy grow through merging technologies. With the bill’s implementation, the banking system will be integrated with the crypto economy. Another goal of this new move is to regulate banks’ role as wallet operators.
The bill, if it gets sanctioned, is expected to open new possibilities for the citizens. Let’s hope for the best!