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Costa Rica Mulls on Legal Use of Bitcoin for Daily Transactions: Report

Costa Rica has stood out as one of the few global jurisdictions where cryptocurrency enjoys widespread acceptance. Nevertheless, challenges persist regarding the legal aspects of owning and trading Bitcoin.

According to Jan3, a leading cryptocurrency technology firm, the Latin American nation is contemplating the introduction of crypto-related legislation. This proposed law, as reported by the firm on X, could potentially impact the unrestricted use of Bitcoin for everyday transactions.

Presently, the government does not regulate cryptocurrency as a valid form of payment, and the Central Bank of Costa Rica (CBCR) has stated that these digital assets fall outside the scope of the national banking system. Despite this, many businesses in Costa Rica continue to accept cryptocurrencies.

The primary concern revolved around the implementation of effective Know Your Customer (KYC) and Anti-Money Laundering (AML) practices.

“Fears commonly associated with the crypto space have played a significant role in these discussions, with KYC and AML procedures forming the crux of the proposed measures,” Jan3 stated.

Jan3 emphasized that these discussions are in line with the company’s mission to shape Bitcoin policies that promote economic prosperity rather than stifling potential growth opportunities.

Moreover, Costa Rican lawmaker Johana Obando has been advocating for legislation to regulate and legitimize cryptocurrency within the jurisdiction. Obando has been committed to steering these discussions towards a constructive direction, viewing Bitcoin as a tool that can enhance the lives of all Costa Ricans.

Additionally, Costa Rica provides competitive advantages to cryptocurrency miners due to its abundant renewable energy resources, making it one of the leading countries in renewable energy production globally.

Costa Rica’s Bitcoin Jungle

Regarding Costa Rica’s tourism, Jan3 highlighted that the country has become an “ideal home” for the Bitcoin Jungle initiative. This project seeks to integrate Bitcoin into all facets of the economy and society in Costa Rica, with a particular focus on the Golden Triangle area and eventual expansion to encompass the entire nation.

Bitcoin Jungle has introduced its digital payment wallet, offering Costa Rican merchants opportunities to reduce expenses associated with credit card fees, among other advantages associated with blockchain technology.

Jan3 emphasized the importance of grassroots initiatives like Bitcoin Jungle in showcasing Bitcoin’s true potential to policymakers. They also underscored the significance of supporting Bitcoin advocates such as Johanna Obando.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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