Cryptocurrency is increasingly gaining a foothold in Costa Rica thanks to some workers accepting part of their salaries will be paid in crypto. However, Rolando Perlaza, a leading lawyer in the country believes it will never completely take over from fiat, but there is a strong case for it being used as a “supplemental incentive.”
Perlaza told The Costa Rica News, “This type of payment would in no way replace traditional or liquid cash. It would rather become an incentive for the workers, who could decide if they accept these currencies as payment for their services. They are protected under article 166 of the Labor Code.”
A directive from the Central Bank of Costa Rica issued last year states that cryptocurrencies “fall outside the purview of the National Banking System,” but this does not prevent a portion of workers’ salaries being paid in digital currencies, or other alternative forms. Perlaza explained: “It is clear that in Costa Rica, cryptocurrencies cannot be used as cash or liquid wages, but remember that here you can pay part of the salary with other goods that are not money or currency, provided that the legal minimum wage is recognized with money.”
Costa Rica has a number of bitcoin ATMs, which goes a long way to making the use of crypto much more attractive to local employees, and the country has a growing number of businesses accepting cryptocurrency payments.
Furthermore, Costa Rica, which attracts the environmentally conscious, is becoming a haven for cloud mining thanks to its geography. Alternative energy specialist Daniel Yépez of SH Mining Technologies explained why his firm is based there: “Costa Rica offers very favorable geographical conditions for cloud mining. As you know, our country has a 100% renewable energy capability. […] Our Costa Rica-based crypto mining facility utilizes renewable energy options such as solar and wind. We think renewable energy has to be an essential part of any crypto related project. This green approach is good both for us and for the planet and makes the new business opportunities even better.”
What do you think about Costa Ricans choosing to receive a portion of their salaries in cryptocurrency? Would you do the same?