The Law That Will Ensure The Recognition Of Bitcoin And Cryptocurrencies In This Surprise Country Has Been Presented To Congress!

MPs in Costa Rica, this Central American country bitcoin It is working to make it a friendly country and aims to significantly lower taxes on cryptocurrencies.

This week, Costa Rican lawmaker Johana Obando presented a bill to Congress to regulate the crypto market in the Central American country.

Legislators In Costa Rica Present Bitcoin and Cryptocurrency Friendly Law To Parliament

Obando, who has a laser-eyed meme on his Twitter page, said the Crypto Assets Market Act (MECA) would “protect individual virtual private property, cryptoassets self-storage and decentralization” without interference from the country’s central bank but in “perfect harmony” with it. .

The goal, according to the MP, is to have a law recognizing what digital assets are and allow those who want to buy, sell, spend and store their crypto to do so without the intervention of the Costa Rican government.

The bill, presented with Congressmen Luis Diego Vargas and Jorge Dengo, will not allow the government to tax cryptocurrencies when used to purchase goods.

It will also not allow the government to tax crypto that resides in cold wallets, and crypto generated by the mining industry will also not be subject to profit tax. However, profits from crypto trading will be subject to income tax under the bill.

In short, lawmakers want the Costa Rican government to recognize what cryptocurrencies are and allow people to hold it and spend it largely freely. Obando said on Twitter that this will eventually attract foreign investors, fintech companies and create jobs for Costa Ricans.

However, Obando made it very clear that the law would be different from El Salvador’s Bitcoin Law.

Bitcoin is a legal means of payment in El Salvador; that is, businesses have to accept Bitcoin if they have the technological means.

*Not investment advice.