Hello everyone...
When El Salvador announced its economic adoption measures for cryptocurrencies. Other countries were watching and learning to see what results El Salvador had. A few days ago I shared some fascinating numbers that the Ministry of Tourism had shared in El Salvador, where trade had increased by more than 30% since bitcoin was adopted as a means of payment.
I have always mentioned in the publications that I make in the leofinance community that small nations with weak economies are going to be the first to adopt similar measures to grow their economy to levels never seen before.
And one of the most recent that is making plans to implement cryptocurrencies in its economy in order to emerge just like El Salvador is Costa Rica. That it has announced a pilot plan called Bitcoin Jungle, with which they seek to attract foreign investment and easier means of payment, which would also attract many foreigners who want to enjoy the best beaches in the Caribbean and boost trade in these areas, as well how to teach the population to adopt cryptocurrencies.
What is Bitcoin Jungle?
It is a crypto that is planned to be applied in the Golden Triangle of Costa Rica Located in the southwestern area of the country, the project covers five cities that are more than 30 kilometers away from one point to another. The project seeks to massify the adoption of Bitcoin (BTC) and cryptocurrencies as payment currency in Costa Rica. That is, not to make them legal tender like El Salvador, but to make them legal so that they are used actively in the national economy of Costa Rica.
Rich Scotford, Lee Salminen and Prem Govinda are the ones behind this mega project, and they want to carry it out on the most important beaches of Costa Rica due to the high degree of tourism that there is in them since it is a good place to surf between other tourist attractions. And since the vast majority of visitors to these beaches are tourists, by applying easy payment methods with cryptocurrencies, many problems associated with currency exchange or the use of cash are solved.
Solution to 2 problems
Two of the biggest problems that merchants suffer in these famous beaches is the high commissions that credit cards apply to merchants. In addition, the difficulties to get money suffered by tourists or inhabitants with income based abroad. That is why Bitcoin is an excellent opportunity to help merchants gain more autonomy and to provide easier payments to foreigners...
To give shape to this project, the Lighting Network technology will be used as it allows its users to make transactions directly, quickly and without intermediaries and the only requirement is the internet and a Smartphone. In addition, several Bitcoin ATMs will be installed, to facilitate the conversion between Fiat money and cryptocurrencies. For now, they will be focused on the towns of Dominical, Uvita, and Ojochal.
In conclusion, we are seeing how different countries are moving towards adoption to meet the needs of the market or day-to-day commerce. Costa Rica will have 100% success in this project and El Salvador will also see its internal trade increase and so will foreign investment since Costa Rica is one of the most prosperous countries in Latin America.
So little by little, we will see how more and more countries will adopt cryptocurrencies and see huge improvements in their economies.
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I had not heard about this, thanks fr sharing it. Costa Rica being next is a good choice. El Salvador is turning its country around with its crypto plans, and in fact recently celebrated its biggest increase in tourism EVER, but its still not quite an ideal place for the average tourist (yet), as crime is still rather high and better infrastructure is stil being developed. Costa Rica is much more tourist friendly though from what I hear, so that is an easier choice for folks to make. Do you know how widely English is spoken there? I believe it is among the most English-friendly countries in Latin America, but I have not been there yet, so I cannot say for sure.
You are right about El Salvador and its lack of infrastructure development. It is true that costa rica is safer, that is why these crypto plans will be very positive.
And I have not been there either, but English is likely to be important due to the large influx of tourism. But it is not the official language.
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On the plus side, El Salvador I believe said they will use the profits from their Bitcoin Bonds program (the one powered by the volcano!) exclusively for infrastructure improvements. So upgrades are coming, it will just take time. In the meantime, Costa Rica looking into being more accepting of BTC is great news.
I have started a new policy for my travels about a year ago: I dont travel to any countries I would be opposed to living in, as I do not want to contribute to such an economy. China, Russia, Australia, Singapore, Argentina (large wealth tax), UK, and several others I will never visit any of these countries due to their tyrannical laws against personal and financial freedom. Rather, I would like to specifically contribute my tourism and investment dollars to countries that I think are doing good, so if Costa Rica makes some positive crypto legislation, I will go out of my way to travel there as opposed to a similar country as a show of support.
First Bitcoin Beach and now Bitcoin Jungle. Bitcoin Amusement Park wen?? 😂
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Hahahaha the names are not very creative to say the least LOL.
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Interesting. This is the first time I'm hearing about this project.
I expect a lot of FUD around this because that's the standard by now. Looking forward to seeing how it unfolds.
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Me too, since to prevent it from developing and succeeding will come much, much fud.
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I'm watching that area of countries for their forward thinking adoption of crypto. If they can do that, what other positive changes are they capable of?
El Salvador adopting BTC is good. Once BTC bull,is going to help boost their economy.
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Hahaha true, imagine bitcoin touching $100K the savior would be a very rich nation if he keeps accumulating bitcoin right now.
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Hahaha true, imagine bitcoin touching $100K the savior would be a very rich nation if he keeps accumulating bitcoin right now.
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That's true
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Any info on where we can follow the details of the implementation of this project?
You can google Bitcoin Jungle or Bitcoin costa rica and you will see all the information you need :)
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