Virtual pay: Could Crypto be part of Costa Rica’s wages?

Virtual pay for Costa Ricans?

A prominent Central American lawyer, Rolando Perlaza, has cast the cat among the pigeons with the suggestion that Costa Rican workers may soon be receiving virtual pay as part of their salaries. And this in a country where the central bank last year labelled cryptocurrencies as being outside the country’s banking system? The Central Bank of Costa Rica also claimed that there were limitations on carrying out commercial transactions with virtual currency, and anyone doing so should be prepared to assume the risks associated with it.

Now Perlaza, from the prominent law firm, Nassar Abogado has told local media there’s certainly no legal reason why Costa Rican employees can’t receive part pay in crypto coinage, provided they want to. Doing so might actually prove to be an incentive to workers.

Virtual Pay could be Part of Wage Structure

He said that according to Costa Rican law, employers are entitled to pay their workers in part with what is termed as “quasi” or “near” money, as long as the employees are happy with that payment option. The only restriction placed by law, is that a portion equal to the country’s minimum wage is paid in fiat money. The remaining part that falls above that minimum level can be paid in highly liquid assets or goods.

This ruled out the opportunity to use virtual currency as either liquid wages or as cash, but provided the minimum wage was paid in money, crypto-currency could certainly be considered as falling under the ambit of goods.

Crypto growing in Costa Rica

Perlaza’s stand comes at a time when Costa Rica is seeing a lot of activity on the crypto front. ATM’s issue bitcoins, and businesses and shops are increasingly accepting crypto payments. Developers of crypto mining facilities are also taking advantage of the country’s renewable energy capability to cut down on the electricity costs associated with electricity.

 

 

 

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