Amid widespread international expansion from crypto companies, Canadian Bitcoin exchange Bull Bitcoin announced a commercial foray into Costa Rica this week. The company became the first Bitcoin enterprise to tap into SINPE Movil, the country’s primary payment provider, offering a Bitcoin on-and-off-ramp.

Aided by a Bitcoin circular economy project dubbed the Bitcoin Jungle, users will be able to buy and sell BTC with the country’s national currency (colón) through the project’s digital wallet. To swap colónes into BTC or vice versa, Costa Ricans and tourists can download the Bitcoin Jungle wallet, create a username, and select the SINPE Movil option. 

SINPE Movil, the Spanish acronym for National System for Electronic Payments, is run and operated by the Costa Rican Central Bank and uses a similar model to the Kenyan M-Pesa. Users are allowed to send and receive money via mobile phone numbers, instantaneously.

According to local media outlets, more than 60% of the country uses the service, with the system transacting the

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Author: Pedro Solimano

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