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Costa Rican Workers Can Be Legally Paid in Crypto

Costa Rican Workers Can Be Legally Paid in Crypto

Employees in Costa Rica can receive part of their salary in cryptocurrency and that wouldn’t be against the law.

Certain provisions in the national legislation allow companies to pay their workers not only with fiat money but also with goods, and some legal experts believe cryptocurrencies can fit in this category. Besides, Costa Rican laws provide for the use of commonly accepted assets as means of payment.   

Crypto in Costa Rica Can Be Assets, Goods, and Quasi-Money

Cryptocurrency

Workers in Costa Rica may soon start receiving a portion of their salary in cryptocurrency, the 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 this 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 2017, the Central Bank of Costa Rica 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.

Olé Crypto,

CBNN

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