Workers of Costa Rica can receive part of their salary in cryptocurrency

In Costa Rica, employees can receive part of their salary in bitcoin and it is not contrary to local legislation, some provisions which allow companies to pay their employees wages not only cash, but goods. The legal experts believe that crypto currencies can come under this category.

In addition, the laws in Costa Rica provide for the use of the common assets as means of payment. The government is also developing the concept of the so-called «quasi-money» or any asset that can be used as a means of payment and is recognised by the public.

«This trend is likely to strengthen in the country, but this payment method will not replace traditional or liquid funds», – said the representative of a major law firm in Central America Nassar Abogados Perlaza Rolando (Rolando Perlaza).

In October 2017, the Central Bank of Costa Rica (CBCR) has published a document where they say that cryptocurrencies are outside the national banking system. The implementation of any commercial transactions with them are allowed in the «limited options», and those who use them on their own, bear the financial risks and should understand the degree of responsibility.

Perlaza stressed that in this regard, the employees of the companies themselves to decide whether to accept these currencies as a salary. He also said that in any case they are protected by article 166 of the Labor code of Costa Rica.

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