As per article 166 of the Costa Rican Labor Code, employers have the freedom to pay their workers in goods or assets that are “different than regular fiat based currency”.
Ever since lawyers within the Central American nation discovered this niche’ aspect of their legislative framework, they are now calling for new guidelines to be introduced that can help foster the use of digital currencies for facilitating daily monetary transactions and payments.
The nitty-gritty of the matter
While the law may subject to a host of interpretations depending upon the context at hand, Rolando Perlaza, an attorney that works with a Central American law firm said that
“This is a trend that could take hold in the country,…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.”
It is also worth keeping in mind that in recent years, the cryptocurrency market in Costa Rica has become quite prominent. For example, there has been a surge in the overall number of traders and merchants within this space, as well as the use of alt-assets within the nation’s tourism industry.
If digital currencies start to garner more and more traction as being legitimate modes of payment within Costa Rica, the market as a whole will witness unprecedented growth in the coming months. However, developing a framework for such a task is quite difficult and only time will tell how things pan out from here on out.
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