Republic of Panama Introduces Bill to Regulate Crypto

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As Bitcoin (BTC) becomes legal in El Salvador, another Central American country is moving towards the freedom to use cryptocurrencies like BTC and Ether (ETH).

On Monday, the Republic of Panama introduced a bill on the regulation of cryptocurrencies, aimed at making the country compatible with blockchain, crypto assets and the internet.

Breaking the news on Twitter, pro-crypto Panamanian congressman Gabriel Silva pointed out that the new legal initiative has the potential to generate thousands of jobs, create new sources of investment and make government more transparent.

According to the bill shared by Silva, the new legislation intends to recognize crypto assets like Bitcoin as an alternative global payment method for any civil or commercial transaction not prohibited by the legal system of the Republic of Panama. The authors of the bill pointed out that cryptocurrencies allow fast and low cost payments allowing them to complete a financial transaction regardless of the distance between the parties and the volume of the transaction.

Unlike the government of El Salvador, which has forced local businesses to accept Bitcoin in exchange for goods or services alongside the US dollar, Panama’s new crypto bill does not intend to force acceptance. mandatory bitcoin. Instead, the legislation calls for establishing the freedom to use cryptocurrencies like Bitcoin and Ether in Panama, local TV station Telemetro reported.

Related: Latin Lawmakers Take To Twitter To Support Bitcoin

Silva said the new bill was prepared in collaboration with Panamanian citizens and a multidisciplinary team, including industry and technology experts. The legislation was created taking into account important guidance provided by international organizations such as the Financial Action Task Force, he noted.

As El Salvador decided to accept Bitcoin as its official currency, more and more Central American countries entered the crypto industry. At the end of August, a Honduran company reportedly installed the country’s first Bitcoin ATM, allowing users to buy BTC and ETH using the local fiat currency, the lempira.

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