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Employees in Costa Rica can receive part of their salary in crypto currencies. This would be in accordance with the law. Paragraphs of the national legislation allow companies to pay their employees not only with conventional money, but also with goods. Some experts think that this includes crypto currencies. Furthermore, the law allows widespread facilities to be used as means of payment.

Crypto currencies in Costa Rica: goods, investments or money?

Workers in Costa Rica could soon receive part of their salary in crypto currencies, according to the country’s news. Legally speaking, there are no obstacles in the way of this scenario. Legislation allows employers to pay out some of their employees in goods that are not currencies. Only the statutory minimum wage must continue to be paid in real money. The law also allows payments to be made in currencies similar to money or in investments accepted by the company.

“This is a trend that could affect the whole country,” said Rolando Perlaza, who works for Nassar Abogados, a famous law firm in Central America. “This type of payment would in no way replace traditional or cash. Much more it would create an incentive for workers to decide whether to accept these currencies as payment for their work,” the expert told Costa Rican News. Furthermore, workers would continue to be protected by Article 166 of the Labour Code.

The news site explained that the central bank only published a policy on crypto currencies last October. Since then, crypto currencies have been outside the national banking system. There is only a “limited scope” for the use of these currencies.

A growing crypto sector

Despite this assessment by the central bank, the crypto sector is developing in Costa Rica. Especially hotels and companies from the tourism industry use the payment option crypto currency. In addition, some Bitcoin machines can be found within the country. There are also some mining companies in the state on the Pacific. They are particularly committed to the use of renewable energies in the production of crypto currencies.

About Costa Rica

Costa Rica (formerly also “Kostarika”) is a state in Central America. In 1821 Costa Rica gained independence from the colonial power Spain. The history of Costa Rica is, by Central American standards, a history of success. Since the late 19th century, there have been only two short periods of violence that have affected the democratization of the country. In 1948 Costa Rica abolished the military, is neutral since then and uses the freed resources for social and ecological purposes. Costa Rica is also called the “Switzerland of Central America”, not only because of its mountainous landscape, but also because of its relative prosperity.

The relief creates three different climate areas: In the north and northeast, the north-east trade winds bring intensive rainfall and a rainforest climate all year round. The interior is mild with temperatures between 19 and 21°C and rainfall of 230mm in July and 8mm in January. The west and southwest are alternately damp and dry for several months.

The Spaniards gave the country its name, which means “rich coast”. But their hope for gold and other riches was disappointed.