September 7, 2021

Panama presented a bill on the introduction of cryptocurrencies

Panama presented a bill on the introduction of cryptocurrencies

The National Assembly of Panama has presented a bill on the introduction of cryptocurrencies and blockchain technology in the country's economy. The creators of the bill see a great prospect in this initiative. Cryptocurrencies, such as bitcoin and ether, may be recognized as legal tender.

Another Central American country is following in the footsteps of El Salvador, which has already accepted bitcoin as a legal tender. Panama introduced a bill to introduce cryptocurrencies into its economy. 

According to Gabriel Silva, a member of the National Assembly of Panama who presented the draft law, the key objective of the new initiative is to make the Panamanian economy friendly to blockchain and cryptocurrencies. He also noted that the introduction of such technologies could create thousands of jobs, attract new sources of investment, and make the government system more transparent.

Today we are introducing a crypto law. We aim to make Panama friendly with blockchain, cryptocurrencies and the Internet. This could create thousands of jobs, attract investment and make the government more transparent.

According to the published draft document, crypto-assets such as bitcoin can be recognized as a legal means of payment for transactions in everyday and commercial activities.

The proposed format for introducing cryptocurrencies into the economy differs slightly from that previously used by El Salvador. Panamanian authorities do not plan to impose bitcoin or ether as a mandatory means of payment, only the freedom to use cryptocurrencies for the exchange of goods or services is discussed.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

View All Posts By Jack Evans