More Costa Rican Shops Are Embracing Bitcoin for Payments

More Costa Rican Shops Are Embracing Bitcoin for Payments

Time Stamp: June 15, 2023 5:53 AM
Source Node: 2133920
  1. More farmers and vendors in Costa Rica are embracing BTC for payments.
  2. The phenomenon is due to proactive onboarding of new Bitcoin users.
  3. Last year, a bill was introduced to waive all taxes on Bitcoin portfolios and transactions.

Despite increasing volatility in the crypto market due to regulatory chills in the US, more and more farmers in Costa Rica are embracing Bitcoin (BTC) for payments.

According to Shannen Michaela, one of the faces of weekly newsletter Bitcoin Culture, there is a so-called Bitcoin Jungle in the South-Pacific area of Costa Rica where locals are creating an organic Bitcoin circular economy.

In one of Michaela’s interviews, Keyna, the organizer of a Costa Rican market, explained the reason for the phenomenon. According to Keyna, most Costa Ricans do not have adequate access to affordable payment means and they have to spend hefty fees just to join US dollar-based payment schemes.

With Bitcoin, they don’t have to anymore. In fact, the fees are negligible and the transactions are almost instant and “clean.”

Keyna also explained that the trend is growing because there are dedicated influencers and ambassadors who proactively onboard more users. These Bitcoin ambassadors are educating new bitcoiners on how to use BTC for payments.

Last year, a Costa Rican lawmaker proposed to waive all taxes on Bitcoin. To be clear, Congresswoman Johana Obando, the author of the bill, clarified that the proposal would only waive the taxes on Bitcoin transactions and investments, and not treat it as legal tender as El Salvador has done.

There are no major announcements from major sources yet as to whether the bill has been approved or if there are adjustments necessary for it to become enacted as a law.

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Tags: BitcoinBitcoin CultureCosta Rica

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.

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