Costa Ricans can now be paid their salaries in cryptocurrencies. This new development is a feature of the Costa Rican law that permits payment of any form of money, or agreed type of currency apart from the fiat currency as acceptable for payment and conducting transactions.
Costa Ricans and Cryptocurrency
The legislation of article 166 of the country’s Labor Code permits employers to pay their employees with goods, form money, or assets that are not currency, and is acceptable in the society, in as much as the worth of the minimum wage is paid by the employee. This aspect of the Costa Rican legislation is viewed by legal practitioners to include cryptocurrencies. This law could see the fulfillment of payment of parts of salaries in cryptocurrency, in the Country very soon.
According to the national legislation of the country, as interpreted by Rolando Perlaza who works with Nassar Abogados, a law firm in Central America, he states on the Costa Rican news that,
“This is a trend that could take hold in the country,…This type of payment would in no way replace traditional or liquid cash. It would rather become an incentive for the workers, who could decide if they accept these currencies as payment for their services.”
There has been massive growth in the cryptocurrency market in Costa Rica. However, it was stated last year by the central bank of the country that cryptocurrency has not culminated into the banking system of the country, that transaction carried out with it is a limited option and people involved in it are at the mercy of the perils that may come from transacting in the digital currency.
Despite the opinion of the Central Bank of Costa Rica (CBCR), the development of cryptocurrency in the country has been undaunted, with the increase in the numbers of cryptocurrency firms and traders, and also the usage of cryptocurrency in the tourism sector. Hotels, companies, and businesses now accept cryptocurrency legally as a substance for transacting business, and even the recent opening of cryptocurrency ATM in the country.
The mining industry of cryptocurrency has equally experienced growth far more than what is obtainable in most countries. There has been an introduction of renewable energy as the source of powering the mining process.
The unprecedented growth that cryptocurrency has experienced in Costa Rica is unparalleled, with the soon to be a form of payment of salaries and cryptocurrencies being accepted as a legal way to pay for services or goods; this indeed is the dream of every crypto enthusiast to come to pass globally. The world awaits the fulfillment of such a time.