Costa Rican Workers Can Be Legally Paid in Cryptocurrency

[Emeskhalifah]

Workers in Costa Rica may soon start receiving a portion of their salary in cryptocurrency, local media reported. As far as Costa Rican law is concerned, there is no reason this cannot happen. The country’s legislation allows employers to partly remunerate their staff with goods that are not currency, as long as the legal minimum wage is paid in money. It also develops the concept of “quasi-money”, or any asset that can be used as a means of payment and has been widely accepted as such in the society.
“This is a trend that could take hold in the country,” said Rolando Perlaza who is working at Nassar Abogados, a prominent law firm in Central America. “This type of payment would in no way replace traditional or liquid cash. It would rather become an incentive for the workers, who could decide if they accept these currencies as payment for their services,” the expert elaborated, quoted by the Costa Rican News. He also emphasized that in any case employees are protected by article 166 of the country’s Labor Code.

The publication notes that in October last year, the Central Bank of Costa Rica (CBCR) issued a directive which established that cryptocurrencies are outside the national banking system. The document also indicated that carrying out any type of commercial transactions with digital coins is a “limited option” in the country. Along with that, the central bank warned that those who use cryptocurrencies assume the associated financial risks.
Despite CBCR’s assessment, the local crypto sector has been developing steadily in recent years with a growing number of merchants and other businesses, including many hotels and companies from the tourism industry, accepting cryptocurrencies as a legitimate payment method. Costa Rica, which has remained relatively open towards business ventures in the crypto space, has also seen a number of bitcoin ATMs popping up in the capital San Jose and elsewhere.

According to the report, the Latin American country also offers favorable conditions for crypto mining thanks to its renewable sources. “Our Costa Rica-based crypto mining facility utilizes renewable energy options such as solar and wind. We think renewable energy has to be an essential part of any crypto related project. This green approach is good both for us and for the planet and makes the new business opportunities even better,” said Daniel Yépez, a local crypto entrepreneur. “Cryptocurrencies are here to stay and we are embracing the changes,” added Yépez whose company, SH Mining Technologies, specializes in providing cloud mining services.

Source: news.bitcoin.com

[danyakotletkin2018]

Not bad for Costa Rica.  They can get bitcoin and not sell it, and after a few years they will sell at a more expensive cost.

[Don Pedro Dinero]

I hope partial bitcoin payments as wages start soon and they get reported in the news. They will be another step towards mass adoption and to better bitcoins’ image, which for some people is only used by drug dealers, terrorists and criminals in general.

[jrrsparkles]

I don't see there will be any changes in the field if the salary is given in the crypto currencies until they can spend the crypto currencies without converting it into fiat.FOr now all the employers will covert the crypto soon after they received because this is their primary source of income they need to use it to live their life.

[ahiaba.john@yahoo.com]

What a good news for Costa Rican and people all over the world. Costa Rican who are willing to trade or hold cryptocurrency like bitcoin could as well request as part of his/her wages. This will bring many Costa Rican and opportunity to get involved in crypto world and get rich.

[USDOLLAR]

Another right information is coming on Costa Rican workers could choose to obtain a part of their salary in crypto-currencies. This fact I am offering right here what I even have were given it is able to be viable if I am incorrect somewhere you can experience unfastened to rectify it. Costa Rica’s exertions legal guidelines permit the USA's workers to be paid in cryptocurrency. Crypto has been acquired nicely inside u. S. To date and is gaining widespread adoption. Costa Rican agencies are accepting cryptocurrency, and there had been quite a number of recent Bitcoin ATM installations inside the united states.

[hugeblack]

It only amplifies news and does not carry any value.
The news says they will receive part of their salary for anything other than official currency such as goods and other things.
All Cryptos are very volatile, and I do not think such employees can accept those fluctuations in prices.
Also, I do not think that they will be able to use Cryptocurrency directly, which means their need to exchange it for their country's currency and therefore there is no benefit but increasing the difficulty.

[audaciousbeing]

I don't see this as a news to be joyous about because even from the reading of the article, it shows its not something solid at all because its just on the basis of the interpretation of the existing law that the author of the article is relying upon to make an argument which a further deep look at is not binding on any employer of labour to even grant the request of the employee. Again, the Central bank of the country came out to rest the matter about how crypto is not recognised and anyone involved is solely responsible for the risk that comes with it.

Until there is definite statements as against conjectures that we are seeing here, its safe to not rejoice over anything as the effect if any is not enough to bring about significant push in the situation of things.

[BTCGOLD]

Not bad for Costa Rica.  They can get bitcoin and not sell it, and after a few years they will sell at a more expensive cost.

They are one of the first once that will receive payments in bitcoin but in future that could be normal, of course than it could be to late for most of employee to colect bigger earnigns but being first (like Costa Rican) could give them some extra money. That is like taking salary and making savings in the same time.

[jseverson]

Not bad for Costa Rica.  They can get bitcoin and not sell it, and after a few years they will sell at a more expensive cost.

That depends entirely on the worker though. Some people live paycheck to paycheck, and it would make little sense for those people to ask for their wages in crypto. They might as well receive fiat and buy crypto with any leftover money they may have. Still, this is cool. Having more options is usually better than less.

Personally I would rather not receive my wages in crypto simply because it's not as easy to spend yet. I would rather put my savings in crypto rather than a bank though.

[btc-facebook]

Of course it will bring positive aura for bitcoin value in global scale but we can't experience in this week or month.

It's require some time but if this keep happening and consistent happen around the world, I'm sure the bubble will happen less than a year just like old time !

[orions.belt19]

Of course it will bring positive aura for bitcoin value in global scale but we can't experience in this week or month.

It's require some time but if this keep happening and consistent happen around the world, I'm sure the bubble will happen less than a year just like old time !

How so, in a global scale? I don't see how this kind of news will have any impact. It may sound to be positive or to bring good publicity for bitcoin but that may not be the case. It's not really something to celebrate over.

If I were working in Costa Rica, I won't accept this kind of payment as my income unless it somehow provided more convenience on my side. There's the hassle of liquidating the BTC since if I were to utilize it (esp since its my income) unless I'll be able to pay this BTC in merchant stores and for my bills. The article has mentioned that it will be treated as an incentive anyways. Kudos to Costa Rica for being more open towards crypto.

[palle11]

Of course it will bring positive aura for bitcoin value in global scale but we can't experience in this week or month.

It's require some time but if this keep happening and consistent happen around the world, I'm sure the bubble will happen less than a year just like old time !

How so, in a global scale? I don't see how this kind of news will have any impact. It may sound to be positive or to bring good publicity for bitcoin but that may not be the case. It's not really something to celebrate over.

How do you mean it won't have any impact? When bitcoin is used as a medium of payment from a government to her employees, whether as incentive or full salary....don't we know some other government would look towards it?

unless I'll be able to pay this BTC in merchant stores and for my bills.

And, how do you dispose the fractions you have in your wallet before now?

“This type of payment would in no way replace traditional or liquid cash. It would rather become an incentive for the workers, who could decide if they accept these currencies as payment for their services,”

Source: news.bitcoin.com

This caught my attention in OP's thread. This is the fact of the purpose of bitcoin and cryptocurrency. As optional to fiat and allows for privacy excluding third party.

[Gozie51]

Still, this is cool. Having more options is usually better than less.

Yes, at all times, competition is good and healthy for business because it opens our eyes to opportunities we don't know exist and we benefit more. For me, bitcoin transaction is better and faster.

Personally I would rather not receive my wages in crypto simply because it's not as easy to spend yet.

Yet...well maybe depending on your location. Bitcoin usage is at high demand now, maybe my view would have been different two years back.

I would rather put my savings in crypto rather than a bank though.

Very true I would say. Having your cash converted into cryptos is already an investment itself rather than fixing it with a bank that won't even get you adequate returns for years.