Costa Rica Takes Steps Towards The Use of Cryptocurrencies With the First Local Wallet

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    The first electronic wallet developed in Costa Rica for cryptocurrency transactions aims to open this market to a greater number of people and take advantage of the fact that in this Central American country there is “fertile ground” for the development of this industry, an expert said Thursday.

    “In Costa Rica there is fertile ground, not only on the regulatory side, but also because of internet penetration, the number of people with mobile devices and the number of people who know the technology,” the general manager of the Costa Rican fintech told Efe. Impesa, Mario Hernandez.

    According to the expert, in Costa Rica there is “a very interesting environment” for the cryptocurrency industry, since there are at least 60,000 people who make transactions with these currencies and because the Central Bank and the regulatory bodies have shown an attitude of “tolerant surveillance”.

    “Our goal is to reach much more than those 60,000 so that everyone can benefit. This is very important for the country because there is a significant volume of people who use these assets,” said Hernández, referring to the first electronic wallet. forcryptocurrencies developed in Costa Rica called Monibyte.

    The businessman commented that with this wallet “important doors are being opened to make it easy and fast to buy and sell cryptocurrencies for anyone.”According to Hernández, for the 60,000 people who buy or sell cryptocurrencies in Costa Rica it was a “nightmare” to carry out these transactions, since they had to use international platforms and often run risks.

    The developer explained that the Costa Rican electronic wallet allows people to access secure payments and cryptocurrency trading anywhere and at any time, and that it is pioneering in a way that is different from the traditional activities of banking and fintech companies.

    He highlighted that one of the features of the application is that it allows you to manage Visa credit and debit cards, and make cryptocurrency transactions with other wallets and platforms.The wallet has a minimum transaction amount of $10 and a maximum of $1,000 and complies with anti-money laundering financial regulations, Hernandez said.

    According to the businessman, the banking sector has “demonized” cryptocurrency technology in general and attributed weaknesses to it, but he stated that the transactions of these currencies “are more traceable than any other.”

    Transactions on the rise

    Hernández cited data indicating that global cryptocurrency transactions rose to 9.2 trillion dollars a day this month.He added that according to the Global Cryptocurrency Adoption Index of the Chainalysis firm, the United States, Brazil, Peru, Colombia, Argentina and Chile are the best-placed countries on the continent.

    “Costa Rica cannot isolate itself. This is a trend, not a fad. There is a gigantic market, a huge industry,” said Hernández.As part of the e-wallet, the app also includes a “Crypto Academy”, through which people can clear doubts and learn about cryptocurrencies.

    Visa launches program to support cultural creators in their entrepreneurial initiatives in the new era of NFT commerce. With this, the company seeks that users have the necessary knowledge to make informed decisions to buy or sell cryptocurrencies.


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