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Costa Rican Lawmakers Propose Eliminating Taxes on Cryptocurrencies

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This week, Johana Obando, a Costa Rican senator, presented a bill to Congress to regulate the crypto market in the Central American country.

She said on her Twitter that the Cryptoassets Market Law (MECA) would “give protection to individual virtual private property, to the self-custody of crypto-assets and to decentralization” without interference from the country’s central bank—but in “perfect harmony” with it. 

The initiative is also presented by Congressmen Luis Diego Vargas and Jorge Dengo. It would prohibit the government from taxing cryptocurrency used to purchase products. It would also prohibit the government from taxing crypto held in cold storage and crypto created by the mining industry. Under the draft bill, crypto trading profits would be liable to income taxes.

In sum, the lawmakers want the Costa Rican government to recognize crypto and allow individuals to freely hold and spend it. Obando stated on Twitter that this will eventually attract foreign investment and fintech companies and create jobs for Costa Ricans.

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