In a significant move amid the global expansion of cryptocurrency companies, Bull Bitcoin, a Canadian Bitcoin exchange, has announced its entry into the Costa Rican market. Bull Bitcoin has achieved a milestone by becoming the first Bitcoin enterprise to leverage SINPE Movil, the primary payment provider in Costa Rica, to offer a Bitcoin on-and-off-ramp service. Empowered by a Bitcoin circular economy initiative called the “Bitcoin Jungle,” users in Costa Rica can now seamlessly buy and sell Bitcoin (BTC) using the country’s national currency, the colón.
Bull Bitcoin users to use SNIPE Movil for BTC transactions
In order to facilitate the exchange of colónes for BTC or vice versa, both Costa Ricans and tourists can download the Bitcoin Jungle wallet, create a username, and select the SINPE Movil option. SINPE Movil, which stands for the National System for Electronic Payments in Spanish, is operated by the Costa Rican Central Bank and shares similarities with Kenya’s M-Pesa. This mobile-based platform allows users to send and receive money instantly using mobile phone numbers. Local media outlets report that more than 60% of Costa Rica’s population utilizes SINPE Movil, and at one point, the system processed transactions equivalent to 17% of the country’s GDP.
Unlike a standalone app, SINPE Movil functions as an interbank settlement service, resembling services like Zelle in the United States or Interac in Canada. Francis Pouliot, the founder and CEO of Bull Bitcoin, expressed enthusiasm about the integration of SINPE Movil into their services, emphasizing its game-changing potential. He highlighted the widespread adoption of SINPE Movil among Costa Ricans, describing it as a simple and instantaneous payment method.
Bitcoin Jungle paves the way for circular economy
Pouliot went on to describe the experience as “almost magical” due to its ability to send money from anywhere in the world to a Costa Rican phone number within seconds and at a low cost. As a Canadian who has resided in Costa Rica for three years, Pouliot noted that the country is already well-connected in terms of banking services, largely thanks to SINPE Movil. Lee Salminen, the founder of Bitcoin Jungle and Bull Bitcoin’s local partner, sees the partnership as an opportunity to gain invaluable insights into the Latin American market.
He emphasized the unique advantages of being physically present in Costa Rica, allowing them to experiment in real-time and gain a deep understanding of the impact and adoption of cryptocurrency in the region. Bitcoin Jungle’s mission is to establish a Bitcoin circular economy in Costa Rica, particularly in what is referred to as the “Golden Triangle.” This region comprises five communities: Dominical, Uvita, Ojochal, Platanillo, and Tinamaste. The initiative aims to replicate the success of Bitcoin Beach in El Salvador, where Bitcoin has become an integral part of the local economy.
Pouliot concluded by highlighting how the integration with SINPE Movil addresses a critical obstacle to Bitcoin adoption in Costa Rica – the lack of infrastructure that allows businesses and individuals to move funds seamlessly between the Bitcoin network and the traditional financial system. Bull Bitcoin’s expansion into Costa Rica and its integration with SINPE Movil represents a significant step in the growing acceptance and use of cryptocurrencies in Latin America. As more countries and businesses embrace digital currencies, the cryptocurrency landscape continues to evolve and expand, offering new opportunities and challenges for both consumers and companies alike.
