Crypto conquest continues as Costa Rica decides that, according to their laws, it is perfectly legal for workers to receive a part of their salaries in cryptocurrency.
Costa Rica may offer crypto salaries above minimum wage
Mainstream adoption of cryptocurrencies is gathering pace as can be seen in the example of Costa Rica whose laws do not prohibit crypto payments, which technically makes them legal.
Costa Rican workers have received notification that they can choose to receive a part of their salary in cryptocurrency. One of the country’s lawyers, Rolando Perlaza, believes this might just be a trend with the potential to take hold in Costa Rica.
So far, the country has been crypto-friendly and its citizens have received the addition of cryptocurrencies rather well and many business now accept them too. Costa Rica has even installed numerous Bitcoin ATMs recently.
The country is known for crypto mining, which is popular and inexpensive thanks to Costa Rica’s large reliance on renewable energy.
Crypto payments are not obligatory
Costa Rican citizens are not obliged to start accepting crypto salaries. This form of payment cannot replace traditional currency or traditional money just yet, but is an option for part of a salary payment. According to the country’s laws, the minimum wage must be available for workers in fiat, but all additional wages can be received in crypto.
Even then, the employees will only receive crypto payments if that is their choice. Those opposed can still choose to receive even the additional payments in traditional money.
The country did not actually bring a new law or regulation to allow this change, it is simply a new interpretation of the already-existing labor laws. According to such laws, workers can receive additional payments (everything apart from legal minimum wages) in goods. This also allows them to choose to receive their money in cryptocurrencies.
Still, we should point out that this is still only a statement given by one of the law firms. So far, the companies, their employees, and even the government have yet to address this interpretation. Even so, there is a chance that this might become the country’s new trend, given other indicators of crypto adoption.
So far, there have been no demands for crypto payments that have become known, but in time, it is more than possible that this will become an everyday occurrence.