Saturday, February 4, 2023

Panama Introduces Crypto Bill In Parliament

Panama became the second country in Central America that introduces a crypto bill in the Parliament, seeking legal status for Bitcoin and Ethereum.  

On September 06, Congressman Gabriel Silva tabled the bill in Parliament with an aim of legalizing cryptos in the country. The bill drafted by the lawmakers wants Panama to become a country, which is compatible with the digital economy, blockchain, crypto assets and the internet. 

The lawmaker, in their bill, has proposed that all the individuals and legal entities in the country would be allowed to use crypto for civil as well as commercial operations. Neither the citizens would be bound to use cryptocurrency nor the system will oppose them for using it.

Further, it has been mentioned that the users would also be allowed to pay their taxes, fees and other tax obligations through cryptocurrency.

Panama decided to move the bill to the Parliament the day before El Salvador made Bitcoin a legal tender. However, unlike El Salvador, Panama has mentioned in its bill that using Bitcoin and Ehtereum as a means of payment would be an option for the citizens.

El Salvador has made the adoption of Bitcoin mandatory in the country. 

While talking about the drafted law in his tweet, Silva stated that it not only could help the country in creating jobs but also could create new investment opportunities.

The pro-crypto lawmaker further mentioned that if the members of Parliaments will accept the bill then Bitcoin would be recognized as an alternative global payment method for ‘any civil or commercial operation not prohibited by the legal system of the Republic of Panama.’

According to the reports, now other Central American countries are also showing interest in legalizing cryptos. Honduras, El Salvador’s neighbor country, has recently launched the country’s first Bitcoin ATM. 

Honduras citizens are allowed to buy cryptocurrency through the Bitcoin ATM using local fiat.

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