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Bitcoin is now a legal payment option in many Costa Rican stores

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Despite the rising volatility within the cryptocurrency market because of regulatory pressure in the United States, more and more vendors and farmers in Costa Rica are welcoming BTC (Bitcoin) for payments.

The local shop owners and farmers are going away from the matrix and welcoming the freedom money.

As per Shannen Michaela’s interviews, in one of the weekly newsletters, Bitcoin Culture faces, there is a Bitcoin Jungle in the South-Pacific region of Costa Rica.

This area harbors locals who are building an organic Bitcoin circular economy.

More Details of the Story

During her interviews, Michaela met with Keyna, the Costa Rican market organizer who described the reason for the happenings.

Keyna said that the majority of Costa Ricans don’t possess the right access to affordable payment methods.

As a result, they have to pay huge fees to join the United States dollar-based payment schemes.

Fortunately, Bitcoin has solved the problem for them. They no longer have to suffer the hefty payment fees again.

In fact; the charges are negligible and the transactions are clean and almost immediate” says Keyna.

Keyna went further to explain that the tendency is increasing due to the dedicated ambassadors and influencers who actively onboard more users.

These BTC ambassadors and influencers are teaching new bitcoins how to Utilize Bitcoin for payments.

Backstory

A Costa Rican Lawmaker last year suggested giving up all the taxes on Bitcoin.

For more clarity, Congresswoman Johana Obando who was the author of the bill explained that the proposal will only drop the taxes on Bitcoin investments and transactions.

She clarified also that the proposal will treat Bitcoin as legal tender as El Salvador has done previously.

At present, there haven’t been any serious announcements yet from core sources.

As of now, no one knows whether the bill proposed has been approved or whether there are required adjustments needed for the bill to become enacted into law.

 

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