The central American country Costa Rica has been working on the legislation of cryptocurrencies under which the country’s companies and citizens can accept the cryptocurrency in any transaction but the legislation rules that it’s no compulsion to accept the same, as the country wants to make sure the cryptocurrency get its space in the country but it should not dominate in the economy of the country.
What are the ongoing laws in costa ricks for cryptocurrencies?
Congressman Johana Obando in the country has introduced a bill that states the acceptance of cryptocurrencies like bitcoins in the form of payment. Along with that, the bill will also allow the traditional banking systems in the country to work upon the cryptocurrency facilitator platforms in the form of wallet platforms and the custodians for the cryptocurrencies in the country.
What is Costa Rica’s stand on cryptocurrency?
Bill number 23,415, in the legislation in the country works on the definitions of cryptocurrencies along with other cryptocurrencies as part of virtual currencies in the transactions. The bill also works on the protection of the rights of the citizens for trade with the help of these cryptocurrencies in the country. The main purpose of the bill is to work on the clarity of this cryptocurrency in almost all cities and to work on the financial protection for the companies and the individual who is investing in the cryptocurrencies. In this manner, the country will work as the palace of investment for all the cryptocurrency options for all global cryptocurrency investors.
As per the bill, it does not force anyone to take the bitcoins or other cryptocurrencies as the form of payment or the debts in the transactions but it will be used as one of the possible options for both parties that want to trade with the help of cryptocurrencies. In this manner of regulation, Costa Rica is different from countries like El Salvador which have accepted cryptocurrency as the legal tender in the country. This bill helps the country as a lucrative option for companies and investor who wants to invest in cryptocurrency options and the country will be able to protect their rights by implementing this bill and the rules allied with it in the economy of the country.
Where is Costa Rica located?
Costa Rica is a central American country with a coastline from the carabian and the pacifier islands. The country is popular for its beaches and biodiversity.
Which countries have accepted cryptocurrencies?
Along with costa Rica, its neighboring country el-Salvador has accepted bitcoins as legal tender and in this manner, El Salvador is the first country in the world to accept bitcoin as legal tender.