Bitcoin ETF (BTF) comes to Costa Rica

According to BN FondoS, one of the largest commercial banks in Costa Rica, BANCO NACIONAL (BN) and more than $ 700 million, BN Fondos is starting a Bitcoin exchange trading fund. In the local report.

This is the first time that Costa Ricoin can access all types of encryption investment products through the country’s banking system.

The company is also launching S & P 500 ETF with Bitcoin vehicles. The minimum investment of each fund is $ 100. We will invest in US dollars instead of Costa Rican Colones.

BN’s Pablo Montes de OCA said, “Costa rican regulations do not allow investments in those that are not investment vehicles, and Bitcoin is not considered an investment means from a regulatory perspective, but ETF is the same. Fondos.

Banco Nacional offers more than 2.1 million customers in Costa Rica.

Costa Rica does not have formal encryption methods, but as far as private parties are concerned, activities that are not explicitly prohibited by the law are allowed. Therefore, Costa Ricoin can deal with technically and cryptocurrency based on the fact that the law is not prohibited.

The comprehensive encryption regulations called Crypto Asset Market Law were introduced in the legislature in 2022 but were trapped at the commission level. The bill aimed to systematicize the use of cryptocurrencies for paying goods and services in Costa Rica, but even Bitcoin did not create legal bidding.