Costa Rica has taken another step towards the adoption of cryptocurrencies with the arrival of the Canadian Bull Bitcoin exchange to the Central American country, according to cryptonoticias.com. The company, with 10 years of experience in Canada, has selected Costa Rica as the starting point for its international expansion. To achieve this, Bull Bitcoin has established an alliance with Bitcoin Jungle, a local community, and has partnered with SINPE Móvil to offer instant entry and exit for Bitcoin (BTC) in colones, the national currency of Costa Rica.
Bull Bitcoin becomes the first and only exchange in Costa Rica that allows the conversion of colones to Bitcoin using the national mobile payment system in fiat currency. This move marks an important milestone, as it is now possible to pay with Bitcoin for virtually any product or service available in the country.
To illustrate this progress, surfer and Bitcoin enthusiast, Paul Keating, made a purchase at the El Ceibo service station, located in Playa Dominical, using BTC as a form of payment.
A key feature of Bull Bitcoin is that it offers a non-custodial Bitcoin exchange service. To use SINPE Móvil, both visitors and residents of the country can register in the payment gateway in fiat currency with only a local telephone number, following the guidelines of the Central Bank of Costa Rica.
90% of the Costa Rican population already uses the SINPE mobile payment service, according to data provided by Bull Bitcoin and cryptonoticias.com. This suggests that the availability of Bitcoin through this service could further boost the adoption of the pioneering cryptocurrency in Costa Rica.
Bitcoin Jungle, a community that promotes a Bitcoin-based circular economy in several Costa Rican areas, has been working to integrate services and encourage Bitcoin acceptance among merchants. Until now, the difficulty of exchanging Bitcoin for local currency and vice versa had been an obstacle to the growth of Bitcoin adoption among local merchants.
Bull Bitcoin’s integration with the Bitcoin Jungle wallet solves this problem, allowing merchants to easily convert their BTC holdings into fiat currency, boosting their confidence in accepting Bitcoin payments. The team behind the Canadian exchange claims that its service will be available to more than one billion people around the world over the next 12 months, suggesting a promising future for Bitcoin adoption in Costa Rica.