The Republic of Panama has introduced a new cryptocurrency regulation bill. It aims to recognize cryptocurrencies, such as Bitcoin and Ether as an alternative payment method and ensure the freedom to use them.
Cryptocurrencies are increasingly seen as an alternative payment method in many countries around the world. However, several of them have taken more serious steps and intend to legalize digital money. While Bitcoin has become legal tender in El Salvador, another country in Central America is moving towards securing the freedom to use cryptocurrencies.
On September 6, the Republic of Panama introduced a cryptocurrency regulation bill that aims to make the country “compatible with the blockchain, crypto assets and the Internet,” according to Cointelegraph. The new legal initiative could create thousands of jobs, create new sources of investment, and make government "more transparent," said Panamanian pro-crypto congressman Gabriel Silva.
The new legislation intends to recognize crypto assets such as Bitcoin and Ether as an alternative global payment method for “any civil or commercial operation not prohibited by the legal system of the Republic of Panama.” The authors of the bill emphasized that cryptocurrencies allow for fast and inexpensive payments, allowing them to complete a financial transaction regardless of the distance between the parties and the volume of the transaction.
Silva said the new bill was prepared in collaboration with Panamanians and a multidisciplinary team including industry and technology experts. He noted that the legislation was created taking into account important guidelines provided by international organizations such as the Financial Action Task Force.
© 2021, Eva Fox | Tesmanian. All rights reserved.
_____________________________
We appreciate your readership! Please share your thoughts in the comment section below.
Article edited by @SmokeyShorts, you can follow him on Twitter
About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
