Dynamics Finance: Costa Rican MP Proposes Government to Regulate Crypto Market and Remove Crypto Exc

 Dynamics Finance noted that Costa Rican lawmaker Johana Obando, along with Luis Diego Vargas and Jorge Dengo, submitted a bill to Congress this week that would require the government to regulate the crypto market.

The bill proposes that the Costa Rican government recognize cryptocurrencies and allow people to hold, trade, and spend them freely. At the same time, the bill proposes that the use of cryptocurrencies to purchase goods should not be taxed, and that the government should not be taxed on cold-stored cryptocurrencies as well as cryptocurrencies generated from mining, but profits from trading cryptocurrencies will be subject to income tax, Dynamics Finance added.

Obando said the move would attract foreign investors and fintech companies and create jobs for Costa Rican citizens. Unlike El Salvador, which uses bitcoin as legal tender, the bill proposes to introduce cryptocurrencies as private virtual currencies that can be used and circulated freely, but not as national legal tender.

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