Costa Rica might be moving toward incorporating bitcoin into its economy. In an effort to modernize the economy, congresswoman Johana Obando this week submitted a law that would allow bitcoin and other cryptocurrencies to be accepted as regulated payment options in the nation.
The bill, number 23,415, also protects citizens’ rights to own cryptocurrencies like bitcoin by defining them as forms of virtual private cash.
One of the goals of this legislation is to increase investment in this sector by providing clarity and protection to individuals and businesses that invest in crypto assets.
Obando made it clear that the measure only creates the potential of doing so if both parties involved in the contract agree to accept bitcoin as payment for debts or goods, rather than requiring anyone to do so.
This is not the same as what has been done in nations like El Salvador, which has accepted bitcoin as legal cash.
Obando stated during a local TV interview:
“The market for cryptocurrency assets is quite young. By promoting Costa Rica as an investment hub, this measure hopes to attract businesses and individuals interested in the cryptocurrency industry.”
Additionally, the proposed legislation aims to link the financial industry to the bitcoin market. The bill’s author, Obando, mentions that one of its objectives is to “guarantee banking interconnectivity of digital currencies via public and private banks in the country’s territory,” possibly implying that banks could serve in these capacities in addition to serving as exchanges and wallet operators.
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