Costa Rica will allow the use of bitcoin on a legal level

Costa Rican congresswoman Johana Obando has introduced a bill to regulate the use of cryptocurrencies in the country. The law will allow the use of bitcoin and altcoins to make payments.

El día de mañana estaré presentando un proyecto de ley para otorgar seguridad jurídica a las empresas Fintech y similares de Costa Rica y promover la economía digital y el uso de criptoactivos. #MECA #Criptomonedas #Criptoactivos pic.twitter.com/AY8OqYpAZr

— Johana Obando (@JohanaDiputada) October 23, 2022

The draft law stipulates that banking institutions will be able to become an analog of cryptocurrency exchanges for their clients. Banks will offer custody services for digital assets. As Johana Obando emphasized, the bill does not oblige Costa Rican institutions to accept cryptocurrency as payment, its purpose is to provide an opportunity to do so.

Costa Rica is not the only country in Central America that supports cryptocurrencies. El Salvador and its president have long been considered bitcoin fans. It was the recognition of BTC as a legal tender in El Salvador that contributed to the increase in tourist traffic to this Central American resort country. Nayib Bukele initiated the adoption of the relevant law back in 2021. The politician believes that if foreigners have the opportunity to pay for their vacations in El Salvador with cryptocurrency, it will attract more public attention and increase the number of tourists.

One of the unusual crypto initiatives of Costa Rican residents is a cryptocurrency game created to preserve the natural landscape of Alóki Sanctuary. The Alóki game offers its users to participate in a sustainable development project in Costa Rica. Thus, planting a tree in the Alóki metaverse can lead to the planting of a real tree in the Alóki National Park in Costa Rica.