One of Costa Rica's most exclusive areas has started to embrace the growing tech and crypto trends.
Crypto currencies and NFTs have been one of the definitive hot button topics that became a central part of the online discourse during the pandemic. From relatively niche markets and interests to global phenomenon with its defenders and detractors, the reality is that getting familiar with these terms seems to be essential to understand the current trends in investment.
Following the steps of Central American neighbor El Salvador, cryptocurrencies have slowly become more and more prevalent in the daily discussion of Costa Rica’s economy. Despite not being fully embraced by the state as in the case of the former, some private institutions have taken the leap in tico country.
One of the most notorious examples is the Silicon Paradise initiative in Santa Teresa, one of the most exclusive beach communities in Puntarenas, and home to one of the country’s biggest expat communities. Led by German, American and French entrepreneurs, the main idea behind Silicon Paradise is to transform Santa Teresa into a hotspot for technological development, amidst its world-renowned beach ambiance.
The initiative is still in the testing phase, but some local businesses have already jumped at the opportunity. Taking advantage of the international community that inhabits the zone, and the fact that many people from the tech world and Silicone Valley have made Santa Teresa their home in the last few years, a wide array of shops and restaurants have decided to adopt this alternative economic system as an option for their clients, hoping to attract new customers by virtue of their role as pioneers in this field.
As of now, nearly 12 business from the Cóbano district accept Bitcoin (BTC), Ethereum (ETH) and Nimiq (NIM), including restaurants like Kojis and Ranchos Itauna, accommodations and renting options like Quad Point, and even surf academies like Zopilote. The local Tourism Chamber has taken notice, and big plans for a digital platform that maps these businesses and services, along with the area’s touristic sights and natural attractions, while international companies have also seen crypto as an opportunity to promote and profit from the growing digital nomads trend that’s currently taking place in Costa Rica.
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