Cryptocurrency-Based Salaries are Becoming a Trend in Costa Rica

Recently, Costa Rican employees have begun to receive salaries in the form of cryptocurrency – a change considered by lawyer Rolando Perlaza a “trend that could take hold in the country.”

The adoption rate of cryptocurrencies is on the rise in Costa Rica as workers have started to accept part of their salary in crypto assets rather than fiat currencies.

Even so, many specialists do not agree with the replacement of fiat assets and Rolando Perlaza is one of them. The lawyer at Central law firm Nassar Abogados thinks cryptocurrencies will become a supplement to the national currency rather than the main payment method, reported The Costa Rica News:

“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. They are protected under article 166 of the Labor Code.”

According to a directive issued in October 2017 by the Central Bank of Costa Rica, crypto assets do not meet the standards of the National Banking System. Still, employees can choose to receive salaries in the form of cryptocurrencies. Perlaza pointed out:

“It is clear that, in Costa Rica, crypto-currencies cannot be used as cash or liquid wages, but remember that here you can pay part of the salary with other goods that are not money or currency, provided that the legal minimum wage is recognized with money.”

Wages in the form of cryptocurrencies represent an extra step for Costa Rica as more and more businesses announce their support for virtual money. Furthermore, the country already boasts multiple automatic teller machines.

Cloud mining

Cloud mining is also rising in Costa Rica, particularly due to the geographical location of the country. Energy Professional Daniel Yépez of SH Mining Technologies commented on this subject:

“Cryptocurrencies are here to stay and we are embracing the changes. Our company provides its customers with an array of cloud mining options. Costa Rica offers very favorable geographical conditions for cloud mining. As you know, our country has a 100% renewable energy capability. […] 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.”