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Panama introduces bill for crypto regulation

Panama introduces bill for crypto regulation 4

The Republic of Panama introduces a bill for regulating crypto. Since they didn’t talk about Bitcoin specially but they mentioned Ethereum four times in the bill.

Panama is also an American central region. And now the government of Panama is going to legalise the crypto market. And that will allow Panama’s citizens to use crypto with full of legality. But here we should not consider that Panama will follow El Salvador to adopt any crypto as a legal tender.

Read also: El Salvador buys first 200 BTC, President Bukele confirms

On Monday, Republic of Panama released their crypto bill which includes the regulation on the crypto assets, Blockchain based product & services. 

The congressman Gabriel Silva, took to twitter about this new crypto bill and said that the new crypto bill will open doors of jobs, business and many other Investment opportunities. 

Hoy presentamos la Ley de Cripto. Buscamos hacer a Panamá un país compatible con el blockchain, los criptoactivos y el internet. Esto tiene el potencial de crear miles de empleos, atraer inversión y transparentar el gobiernoPueden ver el proyecto aquí: //t.co/6FoKdwbkwR pic.twitter.com/xDxfyS9BYI

— Gabriel Silva (@gabrielsilva8_7) September 6, 2021

The document of crypto bill, shared by Gabriel Silva, shows that crypto assets will enable payments with very cheap cost but the crypto assets can’t be considered as legal tender. 

“regardless of the distance between parties and the transaction volume.”

This is a clear statement that Panama will not adopt crypto like Bitcoin as a legal tender, which restricts every business to accept Bitcoin payments. 

According to Silva, this crypto bill is prepared by the Panamanian citizens and a multidisciplinary team with a collaborative approach with high profile technical experts. 

Read also: 25% teens of North America wants to invest in Crypto : Survey

Source: Panama introduces bill for crypto regulation

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