Some nations like Bangladesh, Bolivia, and Egypt have prohibited crypto outright. Bangladesh has actually gone as far as to allow cryptocurrency holders to be sentenced to 12 years in jail for the criminal offense of owning crypto. Other countries like the United States, India, and China are still examining and producing the regulatory structure around the industry.
All this fear, uncertainty and doubt has driven crypto financiers and crypto projects alike to look for crypto sanctuaries where they will be invited with open arms and able to focus on creating the decentralized world of the future.
The bright side is that some nations are backing blockchain or adopting a ‘do no damage' technique to this emerging tech motion. Well known pro-cryptocurrency countries consist of the similarity Singapore and Switzerland. However, other crypto centers such as Costa Rica are quickly emerging too. In this post, we'll explore what's going on in Costa Rica and why it might turn into one of the blockchain powerhouses of the future.
What Makes Costa Rica Pro Crypto?
To get an idea of how favourably the Costa Rica federal government views cryptocurrency, it is among the few countries in the world where workers can legally be paid in crypto. The only downside here is that income payments up to the base pay should be paid in fiat and whatever above that can be paid utilizing cryptocurrency. Now, if that isn't a huge endorsement then we don't understand what is.
With the Costa Rican federal government having such a friendly stance, it's not surprising that actual crypto adoption is rising rapidly and that increasing numbers of crypto companies are aiming to, or have, relocated to the country. We envision it also does not harm that Costa Rica is home to some of the most spectacular scenery on earth and is among the most biodiverse put on the world. This makes it the perfect trip for crypto pioneers who wish to correspond with nature whilst fabricating disruptive tech.
Cryptocurrency Adoption In Costa Rica
Wherever you remain in the world, the possibilities are you are going to have a hard time finding anywhere on the high street that accepts crypto as a payment technique. In Costa Rica, things are a little diverse.
Feel like buying a Porsche with your Bitcoin? Well, you ‘d better hop over to San Rafael de Escazu in Costa Rica and position your order. If you find yourself strolling down the streets of Pura Vida in Costa Rica, then don't be amazed to find huge banners informing you that crypto is accepted at many stores either.
With cryptocurrency adoption being considerably more prevalent on the ground than in other countries, it is perhaps not surprising to hear that the approval of crypto spills over to online merchants in Costa Rica. AlfaTop allows users to top-up their phones on any of the significant telecoms operators in the nation utilizing a choice of 5 different cryptos.
With the nations fairly small population of 5 million people, it is possibly unexpected that the country has 3 active cryptos ATM's. Now, that might not seem like a lot, however consider that the Philippines is extensively thought about as pro-crypto, has a population of 105 million and just has a single crypto ATM. So, if you have crypto and really want to invest it in a pro-crypto culture, then you should think about putting Costa Rica at the top of your vacation list
What Else Makes Costa Rica An Ideal Crypto Haven?
The Latin American area is renowned for being politically unsteady and defined by military strongmen seizing power. Costa Rica differs from the crowd by being renowned for peace and liberty.
Undoubtedly, the country is the oldest democracy in the entire Latin American area and the country has actually shown its commitment to peace by refusing to have a standing army since 1949. This has resulted in Costa Rica being among the most politically steady countries in the region. Integrated with the nations stable political structure, Costa Rica likewise uses flexible legal structures and the legal jurisdiction is also best for constructing censorship-resistant networks.
That's not all; the country likewise has one of the best online infrastructures in the area. When it comes to fiber optic connections, Costa Ricans get access to the ARCOS-1, MAYA-1, and Pan American Crossing (PAC) networks. In addition, the country is linked via a terrestrial fiber optic network as well. That all means that decentralized projects building in the nation can be guaranteed that they will get first-class connection.
The Costa Rican Crypto Projects
With the Costa Rican government friendly stance on crypto, surging adoption levels and growing crypto community, it's no wonder that a growing number of crypto-based companies are locating to the country. We'll take a short look at who these projects are and what they are up to on the coasts and jungles of Costa Rica.
For the crypto miners out there, Costa Rica also takes pleasure in among the biggest renewable resource outputs on the planet. Certainly, 90% of the power produced in the country originates from eco-friendly sources which makes mining substantially more successful than other areas worldwide.
EOS Costa Rica
EOS is the brainchild of Dan Larimar and is a blockchain platform for the development of decentralized apps. It is a direct competitor to Ethereum and has actually been branded by lots as an ‘Ethereum Killer' of the future. EOS has 30 various block producers, whose task is to create and keep the facilities required to run the EOS blockchain. EOS Costa Rica is one such block producer.
EOS Costa Rica has also pledged to achieve the following actions from the Latin American nation:
- Fund and secure the investment required to run a competitive EOS block producer.
- To pursue EOS education initiatives in the Latin American region.
- Be transparent in the use of block rewards.
- To support dApps and projects that promote democracy and the freedom of individuals.
- Being part of the discussion of blockchain governance whilst being politically neutral.
- To adhere to and defend the EOS constitution.
The presence of a top five cryptocurrency in Costa Rica can only help but elevate the status of the country as a crypto haven and EOS Costa Rica can be seen as paving the way for many more projects to follow.
The issue with many cryptocurrencies is that they are too challenging for your common individual to comprehend and utilize. That's a huge barrier to the adoption of cryptocurrency as a kind of digital cash. Nimiq have made it their mission to make crypto more quickly accessible to the masses and to reduce the barriers to adoption.
First of all, you need to understand that Nimiq is a payment system, powered by their ingenious browser-based blockchain. This payment system uses the native NIM token to transfer value within the ecosystem. What sets Nimiq apart from other crypto payment systems is that it's been designed with basic and simple user-flow which has many describing the project as ‘the Apple of crypto payment systems'. Nimiq's innovative browser-based blockchain also means that users can link to the blockchain without any downloads at all and it ‘just works'.
The Costa Rican based project is also pursuing merchant adoption and has created a one-click pay checkout procedure which can be seen on the Nimiq store. This merchant combination will shortly be launched open source to allow e-businesses from all over the world to accept NIM as a payment approach. The Nimiq community likewise hosts a series of ideas and apps, where you can find anything from a NIM-based Tamagotchi video game to tip bots enabling you to contribute to your preferred material developers on Twitter, Twitch, Discord, Telegram, and Reddit.
There are of course numerous other exciting crypto and blockchain organisations based in Costa Rica. However, there is little doubt that the Costa Rican government have actually embraced blockchain based services with open arms. The regulation surrounding cryptocurrencies is one of the most favourable worldwide. When this is combined with factors such as fairly high crypto adoption rates, a rapidly growing crypto community, being one of the most politically steady nations in the region, excellent facilities, being one of the world leaders in renewable resource and having a fantastic environment, it is simple to see why Costa Rica is rapidly becoming a brand-new crypto sanctuary.
The future seems great for Costa Rica and blockchain-based projects and it will definitely be intriguing to see if the country can continue to attract crypto services in 2019 and beyond. If the current explosion in attendance of crypto meetups and conferences in Costa Rica is anything to go by, then in the near future we might well see the nation become a Blockchain-tiger economy of the Latin America area.
Disclaimer: The original author holds some NIM in their portfolio and is compensated in a long-term independent consulting capacity by Nimiq. This article must not be construed as investment advice. Always do your own research. This CryptoNews author, however, does not hold a bag of NIM and will definitely be looking into Costa Rica further as the New Crypto Heaven!
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