Costa Rica Could Be The Next Country To Establish Bitcoin As A Regulated Currency CryptoBlog

Costa Rica could be one of the next countries to adopt bitcoin as a regulated payment method. This week, MP Johana Obando introduced a bill to allow bitcoin and other cryptocurrencies to be used as a method of payment. The bill also proposes that traditional banking institutions can serve as crypto exchanges, including custodial and wallet services for their customers.

Costa Rica to regulate cryptocurrency

Costa Rica could be on the way to integrating bitcoin into its economy. This week, MP Johana Obando introduced a bill to approve bitcoin and cryptocurrencies as a regulated payment method in the country, as a way to modernize the economy.

The bill, number 23,415, also includes the definition of bitcoin and other cryptocurrencies as virtual private currency and protects the rights of citizens to own such assets. One of the goals of this bill is to provide clarity and protection for individuals and businesses investing in crypto assets and, similarly, to attract more investment in this area.

Obando clarified that the bill does not require anyone to accept bitcoin as payment for debts or products, it simply establishes the ability to do so if both parties to a transaction agree to use it. This is different from what countries like El Salvador have done, which have adopted bitcoin as legal tender.

In an interview on local television, Obando said:

The cryptocurrency asset market is very new. This bill wants to propose Costa Rica as an investment hub for people and businesses related to crypto to see Costa Rica as a growth niche.

Crypto and banking

The proposed bill also aims to integrate the banking system with the cryptocurrency economy. Obando mentions that another of the objectives of the bill is to “guarantee the banking interoperability of cryptocurrencies through public and private banks in the national territory”, alluding to the possible roles of banks as providers of cryptocurrencies. custodial and wallet operators, as well as cryptocurrency exchanges.

This could aim to increase the level of financial inclusion in the country. Costa Rica has improved its financial inclusion numbers over the past five years, with almost 82% of citizens over the age of 18 having access to a bank account. If the bill is approved and sanctioned, these levels could apparently increase.

What do you think of the cryptocurrency bill introduced in Costa Rica and its objectives? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price surge happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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