Monday, July 23, 2018

Costa Rica: Soon wages paid in cryptocurrencies ? :

Costa Rica: Soon wages paid in cryptocurrencies ? :

According to the current law, Costa Rican companies are allowed to pay their employees in cryptocurrency as long as the legal minimum wage is paid in fiat money.

As bitcoin.com reports, Costa Rican workers may soon start receiving part of their paycheck directly into crypto-currencies like bitcoin. Costa Rican legislation allows companies to remunerate their employees with property, provided that the legal minimum wage is paid in a fiduciary currency.

Rolando Perlaza Perez, a lawyer for the firm Nassar Abogados, said:

"This type of payment will never replace the currency-fiat. It is rather an option offered to workers to obtain cryptocurrency. "

Last year, the Central Bank of Costa Rica issued a directive that does not recognize virtual currencies as assets of the national banking system. However, more and more Costa Rican companies (especially in tourism) would accept this method of payment.

In addition, Costa Rica would be a popular place for cryptocurrency miners thanks to its different sources of renewable energy. Daniel Yépez, entrepreneur in cryptocurrency mining in Costa Rica, said:

"We use renewable energies such as solar energy and wind energy. We believe that renewable energy must be an essential part of any project related to cryptocurrency. This green approach is good for both us and the planet and makes new business opportunities even better. "
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