Costa Rica Will Limit the Use of Crypto for Transactions

Liputan6.com, Jakarta – Costa Rica is currently considering a proposed crypto law that might limit its citizens' ability to use Bitcoin for everyday transactions.

Reporting from CoinmarketcapTuesday (9/4/2024), a leading Bitcoin technology company in Costa Rica, Jan3 revealed this development regarding the Latin American country.

Jan3 stated that the absence of comprehensive laws governing crypto ownership, trading and investment in the country has an impact on the ongoing debate.

The company noted key concerns revolve around effective Know Your Customer (KYC) and Anti-Money Laundering (AML) practices in the emerging industry.

However, amidst this debate, there is a sense of optimism regarding the potential for strong crypto regulation in the future. BitcoinBulls CEO Francis Pouliot echoed this sentiment by demonstrating the widespread use of Bitcoin in everyday transactions through a documentary video.

Pouliot illustrates the ease of using BTC to purchase goods in rural areas where merchants may not accept Bitcoin directly.

Meanwhile, Congresswoman Johanna Obando is a major proponent of Bitcoin in Costa Rica. The lawmaker encouraged the transformative potential of the flagship digital asset and actively steered the debate in the right direction.

JAN3 also highlights the huge opportunities for Bitcoin mining in Costa Rica. They argue this venture could position the country as a renewable energy leader in Latin America.

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