Costa Rica’s central bank: “vigilant and tolerant” on cryptocurrencies


August 15, 2021

Costa rica central bank governor, Rodrigo Cubero issued a called "some of the considerations around digital currency and encryption assets" files, said the central bank of encryption currency "alert tolerance" attitude, "the existence of central tolerance encryption assets and circulation, make room for technology innovation, promote the development of financial industry of science and technology, and introducing the regulation if necessary."

He also said that anyone wishing to acquire crypto assets would do so at their own risk, and that the country's Finance ministry had deemed it unfeasible to use cryptocurrencies to pay taxes under the current legal system.

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

He also said he does not rule out the possibility of launching a CBDC in the future, and that the technology platform for building such a financial instrument is already in place.