Costa Rica Might Be the Next Country to Establish Bitcoin as Regulated Currency

Costa Rica Might Be the Next Country to Establish Bitcoin as Regulated Currency – Costa Rica may be on the verge of incorporating bitcoin into its economy. This week, congresswoman Johana Obando submitted legislation to make bitcoin and cryptocurrencies legal payment methods in the country as a means of modernizing the economy.

The measure, number 23,415, also defines bitcoin and other cryptocurrencies as virtual private currency and safeguards citizens’ rights to own such assets. One of the goals of this bill is to provide clarity and protection to individuals and businesses who invest in crypto assets, as well as to attract greater investment in this field.

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Obando noted that the measure does not compel anyone to take bitcoin as payment for debts or products; rather, it just creates the potential of doing so if both parties in a transaction agree to use it. This is in contrast to what countries such as El Salvador have done by making bitcoin legal tender.

In an interview on local TV, Obando declared: “The cryptocurrency assets market is very new. This bill wants to propose Costa Rica as an investment center for crypto-related people and companies to see Costa Rica as a growth niche.”

The proposed bill also seeks the integration of the banking system with the cryptocurrency economy. Obando mentions that another of the goals of the bill is to “guarantee banking interoperability of cryptocurrencies through public and private banks in the national territory,” hinting at the possible roles of banks as custody providers and wallet operators, as well as cryptocurrency exchanges.

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This could be used to boost the country’s degree of financial inclusion. Costa Rica’s financial inclusion rate has increased over the last five years, with about 82% of citizens over the age of 18 having access to a bank account. If the bill is passed and signed into law, these numbers might theoretically rise.