• Home
  • Login
  • Register
The Central Bank Digital Currency Insider
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
SUBSCRIBE
No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
No Result
View All Result
The Central Bank Digital Currency Insider
No Result
View All Result

Costa Rican Central Bank: Crypto’s Not Illegal & We Don’t Need a CBDC

by CBDC Insider
August 18, 2021
in Business, Central America
Reading Time: 2min read
0
Costa Rican Central Bank: Crypto’s Not Illegal & We Don’t Need a CBDC
Share on FacebookShare on Twitter

The Costa Rican central bank chief has warned the public about the risks involved with investing in crypto – but also made a point of noting that tokens such as bitcoin (BTC) are “not illegal” in the country.

According to Deporticos, Rodrigo Cubero, the President of the Banco Central de Costa Rica, did not rule out the possibility that the government could seek to regulate the sector and said:

“Although the use [of cryptoassets] is allowed in Costa Rica, people who wish to acquire these assets do so at their own risk and expense. That is why it is important that anyone who decides to acquire this type of digital asset is well informed of their characteristics and the risks entailed with [trading].”

Cubero was keen to point out that consumers are free to invest unhindered, but would not be able to call on legal resources in the case of the loss of capital caused by “high volatility.”

RELATED STORIES

Ripple Supports the Digital Euro Association’s Major Event To Advance CBDC Work

Ripple Supports the Digital Euro Association’s Major Event To Advance CBDC Work

July 6, 2022
How Might Central Bank Digital Currency Affect Banks?

How Might Central Bank Digital Currency Affect Banks?

July 6, 2022

Previously, the Costa Rican Ministry of Finance has ruled out the possibility of allowing citizens to pay their taxes using crypto payments.

And Cubero appeared to buck a growing global trend by claiming that there was no urgent need for the bank to launch a central bank digital currency (CBDC).

The President claimed that the move would not be “necessary,” as the main objectives of CBDC projects – namely financial inclusion and the provision of safe, fast, and low-cost digitized payments – were already a reality thanks to its National Electronic Payment System (SINPE) platform.

The latter was developed by the central bank, which says SINPE has connected the country’s financial entities and public institutions through a private telecommunications network. The central bank says that it plans to add functionality and upgrade SINPE to help cross-currency payments and settlements between fiat colón and USD accounts.

He also claimed that the colón was currently strengthening, largely thanks to the central bank’s digitization efforts – a fact that further reduced the need to roll out a Costa Rican CBDC.

Read more

Previous Post

Jamaica: Central Bank Mandates Court Order for Monitoring Customer CBDC Transaction Data

Next Post

Brazil Prez Meets with Brian Brooks and Circle to Discuss Possible CBDC

Next Post
Brazil Prez Meets with Brian Brooks and Circle to Discuss Possible CBDC

Brazil Prez Meets with Brian Brooks and Circle to Discuss Possible CBDC

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register