The arrival of bitcoin (BTC) to Central America as legal tender by the hand of El Salvador, after the enactment of a law that allows the use of cryptocurrency in the economy of that nation, has made nearby countries as Costa Rica expose their positions on crypto assets.
In that sense, Rodrigo Cubero, president of the Central Bank of Costa Rica, issued a document called “Some considerations regarding digital currencies and crypto assets ». Among other things, he assures that the Ministry of Finance of that country, does not see the use of cryptocurrencies for the payment of tax obligations, according to the current legal system.
To reinforce the idea of the Ministry, Cubero considers that it would not be “desirable” either, for financial and fiscal reasons, due to the “high volatility shown for the value of crypto assets, compared to legal tender currencies. ”
The Costa Rican official also stated that volatility represents a“ strong inconvenience ”for the use of cryptocurrencies as a unit of account; that is, to express the price of goods and services.
However, Cubero explains that the use of bitcoin is allowed in his country, even if it does not represent legal tender. Whoever wishes to acquire crypto assets does so at their own risk.
Government of Costa Rica on bitcoin: «a vigilant tolerance»
In addition, he warned that people who use cryptocurrencies, do not have the support of the Central Bank nor are they covered by guarantee mechanisms. In short, the authorities are tolerant to the existence and circulation of cryptocurrencies , they also support technological innovation to allow the emergence of the Fintech industry.
«The Central Bank’s approach is, therefore, one of vigilant tolerance: the existence and circulation of crypto assets is tolerated, and space is given to technological innovation to allow the emergence of the Fintech industry. (…) Regulation will be introduced when necessary. For example, under the coordination of the Costa Rican Institute on Drugs (ICD) and with the participation of the regulatory and supervisory authorities of the financial system, a bill is being prepared to meet the 9 requirements of the FATF in the fight against drug abuse. money laundering and terrorist financing. ”
Rodrigo Cubero, president of the Central Bank of Costa Rica.
Position on the adoption of bitcoin in El Salvador
The president of the Costa Rican financial body, also spoke about the Bitcoin Law of El Salvador, promulgated last June and that recognizes bitcoin as legal tender in the country, making that country one of the first countries in the world to recognize bitcoin as money.
In this regard, Cubero expressed that agrees with the recommendations made by the International Monetary Fund and other organizations, considering that “careful prudential and fiscal regulation will be required” in El Salvador.
At the time, CriptoNoticias reported that Gerry Rice , IMF spokesman indicated that the adoption of bitcoin posed in the Central American country represented “a series of macroeconomic, financial and legal problems.”
The CDBC in Costa Rica
In the document, Cubero also expressed himself on the digital currencies of the central banks (CBDC) and assured that in his country the issue has been studied, concluding that it is not necessary to venture into the launch of a digital currency ital.
The official maintains that in Costa Rica there is already financial inclusion and provision of safe, agile and low-cost digital payments under the National Electronic Payment System (Sinpe ). In other words, the main potential benefits of a CBDC have already been achieved centrally, says Cubero.
Although they do not rule out that, in the future, they may launch a central bank digital currency if necessary . According to the official, they already have a technological platform on which to base this financial instrument.
In the document, Cubero also expressed himself on the digital currencies of the central banks (CBDC) and assured that in his country the issue has been studied, concluding that it is not necessary to venture into the launch of a digital currency ital.
The official maintains that in Costa Rica there is already financial inclusion and provision of safe, agile and low-cost digital payments under the National Electronic Payment System (Sinpe ). In other words, the main potential benefits of a CBDC have already been achieved centrally, says Cubero.
Although they do not rule out that, in the future, they may launch a central bank digital currency if necessary . According to the official, they already have a technological platform on which to base this financial instrument.
