Costa Rica could be one of the next countries to adopt bitcoin as a regulated payment method. This week, deputy Johana Obando presented a bill to allow bitcoin and other cryptocurrencies to serve as a form of payment. The bill also proposes that traditional banking institutions can serve as cryptocurrency exchanges, including custody and wallet services for their customers.
Costa Rica will regulate cryptocurrencies
Costa Rica could be on its way to integrating bitcoin as part of its economy. This week, Deputy Johana Obando presented a bill that seeks to approve bitcoin and cryptocurrencies as a regulated payment method in the country, as a way 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 objectives of this bill is to offer clarity and protection to people and companies that invest in crypto assets and, in the same way, attract more investments in this area.
Obando clarified that the bill does not oblige anyone to accept bitcoin as payment for debts or products, it simply establishes the possibility of doing 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 stated:
”The cryptocurrency asset market is very new. This bill wants to propose Costa Rica as an investment center so that people and companies related to cryptocurrencies see Costa Rica as a growth niche.”
Crypto and banking
The bill also seeks the integration of the banking system with the cryptocurrency economy. Obando mentions that another of the objectives 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.
This could be aimed at increasing the level of financial inclusion in the country. Costa Rica has improved its financial inclusion figures over the last five years, with almost 82% of citizens over the age of 18 having access to a bank account. If the bill is approved and sanctioned, these levels could increase significantly.
