Costa Rica could be the next country to establish Bitcoin as a regulated currency – Bitcoin news from emerging markets

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

Costa Rica to regulate cryptocurrency

Costa Rica may be on its way to integrating bitcoin as part of its economy. This week, Congresswoman Johana Obando presented a bill that seeks to approve bitcoin and cryptocurrencies as a regulated payment method in the country, as a means 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 behind this bill is to offer clarity and protection to people and companies investing in crypto-assets, and likewise attract more investment in this space.

Obando clarified that the bill does not force anyone to accept bitcoin as payment for debts or products, it only establishes the option 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 declared:

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

Crypto and banking services

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

This may be aimed at increasing the level of financial inclusion in the country. Costa Rica has improved its financial inclusion numbers over the past five years, with nearly 82% of residents 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 about the cryptocurrency bill introduced in Costa Rica and its goals? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as late to the game, he entered the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

Image credit: Shutterstock, Pixabay, Wiki Commons