Costa Rica’s Central Bank: “Cautious Tolerance” on Cryptocurrencies

Rodrigo Cubero, governor of the Central Bank of Costa Rica, released a document titled “Some Considerations on Digital Currency and Crypto Assets,” stating that the central bank has a “cautious and tolerant” attitude toward cryptocurrencies: “The central bank tolerates the existence and circulation of crypto assets in order to leave room for technological innovation, promote the development of the fintech industry, and introduce regulation when necessary.”

He also said that anyone who wants to acquire crypto assets does so at their own risk, and that the country's Ministry of Finance does not consider it feasible to pay taxes using cryptocurrencies under the current legal system.

Cubero also mentioned that the country has studied the issue of CBDC and believes that there is no need to issue digital currency at present. He said that Costa Rica has achieved financial inclusion under the National Electronic Payment System (Sinpe) and has a secure, agile and low-cost digital payment system.

He also said that he does not rule out the possibility of launching CBDC in the future, and that the technical platform for building this financial instrument is already available. (oicanadian)