As cryptocurrencies continue to rise in popularity around the world, countries are having a hard time ignoring them. Therefore, many countries are considering implementing it, have recognized the need to implement it, or have already implemented it. And the newest country to make crypto headlines is Costa Rica.
Central American countries have shown great promise for cryptocurrencies. One of the most recent examples of this success was El Salvador and its government recognizing Bitcoin as legal tender. And for the most part, it looks like Costa Rica will follow in their footsteps.
Despite the fact that there is no official statement from the Central Bank of Costa Rica, many companies already accept crypto. In fact, the scale at which companies accept digital currency shows that, at least unofficially, cryptocurrencies are recognized as legal tender. Also, accepting cryptocurrencies is not exclusive to a single city; it is something that prevails throughout the country.
It is true that the government has not made an official statement in which it recognizes cryptocurrencies as an official currency. However, the country's labor code allows workers to receive a portion of their wages in cryptocurrency. They can also negotiate with their employers regarding how much they would like to receive in crypto. According to the agreement they reach, the employer must pay them the agreed amount.
Costa Rica also has three ATMs across the country that accept crypto. ATMs allow Costa Ricans to buy cryptocurrencies on the go, including Bitcoin, Ethereum, and several others. Of course, it is worth mentioning that these ATMs are very different from normal ATMs. These machines will not allow investors to withdraw their tokens or other currency.
The country also has its own cryptocurrency that competes internationally, which is a promising sign for new startups. EOS Costa Rica is a local cryptocurrency that ranks 33rd in the market. With its incredible potential, people have called it “The Ethereum Killer”.
Another benefit Costa Rica offers new technology companies is abundant renewable energy. Crypto mining is known for the amount of electricity it needs. Thanks to an excellent infrastructure offering cheap and substantial energy, miners will soon find it quite attractive.
The country is also considerably more stable both economically and politically than its contemporaries. Unlike Venezuela, Costa Rica is doing quite well, especially with the financial incentives it offers.
The future of cryptocurrencies in Costa Rica is quite promising, especially when all of the above factors are considered. Not only does it have the infrastructure to support mining, but several companies across the country even accept crypto as a form of payment.