Worldwide; There are currently several alternatives that are available to all people to buy and sell Bitcoin safely and virtually risk-free. In this sense, Costa Rica is no exception to this growth. There are more and more communities of miners and traders in the area which are released for trading in this cryptocurrency through the use of networks that are secured with a blockchain.
According to the World Bank, the Central American country has had a sustainable economy for 25 years. It is viewed by many experts as one of the nations that promises the most for the crypto ecosystem, for one of the most stable economies in the region, which is the tip of the iceberg on many development and commercial competition indices.
As a consequence, The Costa Rican government and various sectors of the region’s economy have shown an open attitude towards the cryptocurrency spaces in the country. They are working to integrate these digital assets into commercial and social dynamics with the aim of improving the various local methods and being at the forefront on a global scale with the inclusion of the new emerging economies.
Costa Rica is also part of a project called LACChaintrying to integrate groups of the population without bank details in emerging countries by using networks that are secured with a blockchain, funded by the Inter-American Development Bank Group’s (IDB Lab) innovation lab. This project uses blockchain technology that is licensed and managed by members of a coalition between MIT-Media Lab, Linux Foundation, Ethereum Foundation and others.
Like many countries, the country does not yet have a special legal framework that specifies guidelines for dealing with cryptocurrencies in the region. However, the progressive position in the region with lawmakers, attorneys and business people stands out when it comes to the use of digital currencies. Because of this, a group of attorneys who sympathize with cryptocurrencies discovered in mid-2018 that it is legal for companies or organizations to make payments to their employees with it, as the legislation provides that people can receive part of their salary with legal tender and goods.
Also, on the tax front, there are no regulations used for commercial operations in cryptocurrencies or for reporting. However, exchanges that operate locally take certain measures to prevent money laundering, among other things, more for reasons of self-regulation.
Several exchange platforms are coming to life in Costa Rica, for both novice and advanced cryptocurrency traders looking to buy or sell bitcoins for Costa Rican Colones (CRC). Among them we find Exchange P2P, an exchange house specializing in cryptocurrencies for trading with leverage and ATMs, whose operational headquarters are in other countries.