What might the new laws mean?
Costa Rica is currently debating a crypto law that could limit its citizens' ability to use Bitcoin for everyday transactions.
Jan3, the famous Bitcoin technology company, expressed this development regarding the Latin American country.
Costa Rica debates the legal use of Bitcoin
Jan3 noted that the lack of a comprehensive law governing the country's crypto ownership, trade and investment will impact the ongoing debate. The firm said key concerns are Know Your Customer (KYC) and Anti-Money Laundering (AML) in the growing industry.
However, amid these debates, there is a sense of optimism about the potential for stronger crypto regulations in the future. BitcoinBulls CEO Francis Pouliot echoes this sentiment with a documentary video showing the widespread use of Bitcoin in everyday transactions.
Pouliot demonstrated that it is easy to use BTC to buy goods in rural areas where merchants do not accept Bitcoin.
This afternoon I'm going to buy a gym membership directly from Bitcoin. I'm also going to buy a surfboard with bitcoin, I'll try to make the shop orange, but if they don't want it, I'll still pay in bitcoin and have the fiat sent to them via a quick sms-based bank transfer. Added.
Meanwhile, Congresswoman Johanna Obando is a leading advocate for Bitcoin in Costa Rica. The Legislature is pushing the ability to convert its original digital assets and “lead these debates to the right side of the conversation.”
JAN3 also highlighted the high potential for Bitcoin mining in Costa Rica. This work, he argued, could position the country as a renewable energy leader in Latin America.
Read more: Crypto Regulation: What are the Pros and Cons?
Additionally, the tourism sector, a major contributor to Costa Rica's GDP, is expected to be critical in driving Bitcoin adoption. Ventures like Bitcoin Jungle could become potential models for future businesses that accept cryptocurrency by facilitating Bitcoin payments for tourism-related services in the country.
Costa Rica's relationship with Bitcoin mirrors broader trends in Latin America. The region's economic instability, failed monetary policies and rampant inflation have put an end to this growth.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This newsletter aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with experts before making any decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
