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Key takeaways Congressman Gabriel Silva introduced a bill to make cryptocurrencies legal in Panama. If enacted, the new legislation will allow Panamanians to pay taxes with crypto. One of the five key objectives of the bill is to make Panama compatible with DAOs. Share this article
A member of Panama’s independent opposition party, Bancada Independiente, has introduced a pro-crypto bill to the Panamanian Congress to regulate cryptocurrencies as a form of payment and to make the country “blockchain-compatible, assets cryptographic and Internet ”.
Panama wants to become compatible with DAOs
Following El Salvador’s decision to make Bitcoin legal tender, Panama is making significant progress in making cryptocurrencies a legal means of payment for civil, commercial and tax purposes.
On September 6, independent Panamanian Congressman Gabriel Silva introduced a bill regulating the use of cryptocurrencies across the country. Breaking the news on Twitter, Congressman Silva said:
“We are looking to make Panama a country compatible with blockchain, crypto assets and the internet. It has the potential to create thousands of jobs, attract investment and make government transparent. “
Today we present the Crypto Law. We seek to make Panama a country compatible with blockchain, crypto assets and the internet.
It has the potential to create thousands of jobs, attract investment and make government transparent.
You can see the project here: https://t.co/6FoKdwbkwR pic.twitter.com/xDxfyS9BYI
– Gabriel Silva (@ gabrielsilva8_7) September 6, 2021
According to the bill shared by Silva, the new legislation would allow corporations and individuals based in Panama to “agree freely on the use of crypto assets, including, without limitation, Bitcoin and Ethereum, such as means of payment for any civil or commercial transaction. operation not prohibited by the legal system of the Republic of Panama.
In addition, the bill includes proposals to migrate public documents to blockchains, digitize legislative and administrative acts using blockchains and allow “to refer to smart contracts or decentralized autonomous organizations in documents. constitutive of legal entities organized in the Republic of Panama ”.
Regarding DAOs, one of the key objectives of the bill is for Panama to become “compatible with new forms of [the] building trust between people and businesses such as smart contracts and new forms of organization, such as decentralized autonomous organizations or DAOs.
Unlike Salvadoran legal tender law, which requires companies to accept Bitcoin as a form of payment alongside the US dollar, Panama’s new law, if enacted, will not make the acceptance of cryptocurrencies mandatory. . Instead, Panamanian citizens and businesses will be free to choose whether they want to accept crypto or fiat as a form of payment.
Like Salvadorans, however, Panamanians will be able to pay taxes, fees, and other tax obligations using cryptocurrency. Although Panama does not have a central bank or officially enforced currency, Panamanians have used the US dollar as a means of payment since the country entered into the Taft-Arias monetary agreement with the United States in 1904.
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