Costa Rica’s Bitcoin Future: Legal Clampdown on the Horizon
Costa Rica is currently deliberating a proposed crypto law that may restrict its citizens’ ability to use Bitcoin for everyday transactions.
Jan3, a prominent Bitcoin technology firm, disclosed this development regarding the Latin American nation.
Costa Rica Debates Legal Use of BitcoinJan3 stated that the absence of comprehensive legislation governing the country’s crypto ownership, trading, and investment impacts the ongoing debate. The firm noted that the key concerns revolved around effective Know Your Customer (KYC) and Anti-Money Laundering (AML) practices in the emerging industry.
However, amidst these debates, there is a sense of optimism regarding the potential for robust crypto regulations in the future. Francis Pouliot, CEO of BitcoinBulls, echoes this sentiment by showcasing the widespread use of Bitcoin in everyday transactions through a documentary video.
Pouliot illustrated the ease of using BTC to purchase goods in rural areas where merchants may not directly accept Bitcoin.
“This afternoon I’m going to purchase a gym membership with Bitcoin directly. I’m also going to buy a surfboard with Bitcoin, will try to orange pill the shop but if they don’t want I’ll still pay with Bitcoin and have the fiat sent to them via instant SMS-based bank transfer,” Pouliot added.
