Home » Costa Rica Might Be the Next Country to Establish Bitcoin as Regulated Currency – Emerging Markets Bitcoin News

Costa Rica Might Be the Next Country to Establish Bitcoin as Regulated Currency – Emerging Markets Bitcoin News

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Costa Rica could be one of the next countries to adopt Bitcoin as a regulated payment method. This week, Rep. Johanna Ovando introduced a bill that would allow Bitcoin and other cryptocurrencies to be used as payment methods. The bill also proposes to allow traditional banking institutions to function as cryptocurrency exchanges, including custody and wallet services for their customers.

Costa Rica Regulates Cryptocurrencies

Costa Rica may be on the road to integrating Bitcoin as part of its economy.This week, Congressman Johanna Ovando introduced A bill that seeks to approve Bitcoin and cryptocurrencies as a regulated payment method in the country as a means of modernizing the economy.

Bill 23,415 also includes defining Bitcoin and other cryptocurrencies as virtual private currencies, protecting the right of citizens to own such assets. One of the aims behind this bill is to provide clarity and protection to people and businesses investing in crypto assets, as well as to attract more investment into the sector.

Obando said the bill would not compel the acceptance of Bitcoin to pay for debts or goods, but only establish the possibility of doing so if both parties to the transaction agree to use Bitcoin. This is unlike what countries like El Salvador have done. adoption Bitcoin as legal tender.

In an interview on local television, Obando Declared:

The cryptocurrency asset market is very new. The bill would like to propose Costa Rica as an investment center for crypto-related people and companies to see as a growth niche.

crypto and banking

The proposed bill also calls for integration of the banking system and the cryptocurrency economy.Obando Mention Another goal of the bill is to “ensure the interoperability of cryptocurrencies through domestic public and private banks,” and the role of banks as custody providers and wallet operators, as well as cryptocurrency exchanges. suggests the possibility of

This could be aimed at increasing the level of financial inclusion within the country. Costa Rica has improved its financial inclusion figures over the past five years. largely 82% of citizens over the age of 18 have access to bank accounts. These levels could ostensibly increase if the bill is approved and authorized.

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

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He explains that he entered the cryptosphere in December 2017 when the price hike happened, and fell behind the game. Computers With an engineering background, living in Venezuela and being affected by the cryptocurrency boom on a societal level, he offers a different perspective. About the success of crypto and how it can help the unbanked and underserved people.

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