The Costa Rican government is discussing a new law that may restrict Bitcoin use in daily life. Despite KYC and AML concerns, there is hope for future comprehensive crypto regulations.
Costa Rica is considering a new law that could limit the use of Bitcoin for everyday transactions. This development was reported by Jan3, a leading Bitcoin technology firm. The ongoing debate focuses on the effectiveness of Know Your Customer (KYC) and Anti-Money Laundering (AML) practices in the emerging crypto industry. Despite these concerns, there is optimism about future robust crypto regulations.
Francis Pouliot, CEO of BitcoinBulls, has demonstrated the ease of using Bitcoin for transactions in rural areas through a documentary. He emphasized Bitcoin’s potential by showcasing how it can be used to buy gym memberships and surfboards even when merchants do not directly accept it. Congresswoman Johanna Obando is a strong advocate for Bitcoin, pushing for its widespread adoption in Costa Rica. Jan3 also highlighted the potential for Bitcoin mining in the country, suggesting it could position Costa Rica as a leader in renewable energy in Latin America.
