The impact of the Blockchain on the Costa Rican financial system

Abstract

Given a world that is innovating towards technology, Costa Rica must find ways to adapt to it and, therefore, regulate the changes that affect the economy. The modernization of financial systems falls through systems such as Blockchain, which is defined as “the accounting book where each of the accounting book where each of the transactions is recorded”, thereby granting benefits such as transparency that would affect both the public and private sectors; providing better control and security over users and transactions made, thus being able to prevent tax evasion and obtain an improvement in state financing. In addition, to prevent organized crimes such as money laundering that originates through the current “bank secrecy”, figure that will be eliminated when implementing online security instruments, within companies regulated by the internet such as Fintech. Reason why Costa Rica has the particular need to consolidate a regulation adapted to this type of electronic payment services, as in the case of countries with similar rights to ours, such as Mexico, Panama and Spain, which regulated Fintech companies so they did not have irregular decentralized banking status.