Costa Rica is considering a proposed crypto bill that could restrict its citizens from using Bitcoin in everyday transactions

PANews reported on April 8 that according to Be In Cypto, Bitcoin technology company Jan3 revealed that Costa Rica is currently considering a proposed cryptocurrency law that may limit the ability of its citizens to use Bitcoin in daily transactions.

Jan3 noted that the country’s lack of regulations comprehensively governing cryptocurrency holdings, trading, and investments affects the ongoing debate. The company said the key issue is effective customer identification (KYC) and anti-money laundering (AML) practices in the emerging industry. Amid these debates, however, there is optimism that strong cryptocurrency regulation may emerge in the future. Francis Pouliot, CEO of BitcoinBulls, echoed this sentiment with a documentary showcasing Bitcoin’s widespread use in everyday transactions. Pouliot Francis gave the example of the convenience of using Bitcoin to purchase goods in rural areas, even though merchants may not accept Bitcoin directly.

Meanwhile, Congresswoman Johanna Obando, a leading advocate of Bitcoin in Costa Rica, is promoting Bitcoin’s transformative potential and actively “steering these debates in the right direction.” Jan3 also highlighted the huge opportunities for Bitcoin mining in Costa Rica. The company believes the move could make the country a leader in renewable energy in Latin America.